Scoop: Bustle owner BDG raises growth round
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BDG, the owner of Bustle, Nylon and other women-focused media brands, has closed a growth investment from Medici Capital Partners, Axios has learned.
Why it matters: The round provides financial support to the venture capital-backed digital media brand that previously explored going public and has repeatedly laid off employees over the years.
Zoom in: Medici managing partner Richard Yen has joined BDG's board, according to an investor note obtained by Axios.
- The size of the investment could not be learned. BDG has previously raised $144.35 million in equity and debt, per PitchBook.
- Existing BDG investors include General Catalyst, Notable Capital, Avenir Growth, Saban Capital Group, Social Capital, RRE Ventures and Saints Capital, per the note.
- "We are doubling down on what's working and where we see the future of the company — creating moments-driven journalism across digital, print, and live events," BDG founder and CEO Bryan Goldberg tells Axios.
- "BDG is a unique media company that combines cultural relevance and digital scale. I'm excited to partner with Bryan and the team as BDG moves into its next chapter," Yen tells Axios.
Catch up quick: Goldberg launched Bustle as an online women's magazine in 2013 after co-founding sports media brand Bleacher Report, which sold to Turner the prior year.
- The company has grown through a series of acquisitions, including Elite Daily, Mic, Nylon, W and The Zoe Report.
- In 2021, BDG rebranded from Bustle Digital Group ahead of its plan to go public via a SPAC in a deal that would value it at around $600 million, including debt. Then in 2022, CVC Capital Partners explored acquiring BDG, but neither exit materialized.
- Meanwhile, the company has been reorganizing internally, and consolidated its parenting and lifestyle portfolios, per Adweek. It also has shuttered some titles, including Input, Fatherly and Gawker.
The big picture: Digital publishers like BDG have been forced to adapt to an increasingly competitive ad market as more dollars flow to social media platforms, connected TV, retail media and other new channels.
- BDG has invested more in live events such as Nylon's parties at Coachella, New York Fashion Week and Art Basel. BDG also released Nylon's first print magazine since 2017 earlier this year.
Go deeper: Digital news consumption has gotten harder to measure
Editor's note: This story has been updated to include comment from Medici.
