Group Nine Media has raised $40 million in its latest round of funding. The company, which houses several digital-first lifestyle media brands, like The Dodo, NowThis, Thrillist and Seeker, is also receiving investments from Axel Springer SE and Lerer Hippeau. In a statement, the company says that the additional funds will be used for expanding video content across its brands as well as for selected acquisitions.
Why it matters: It's a vote of confidence from Discovery, one of the largest lifestyle entertainment brands in television, in a company that's strategy is focused on scaling digital video, an area that's become increasingly saturated over the past several years.