Revry plans Series A for LGBTQ+ media network

Revry is raising funding as it seeks to grow its LGBTQ+ media network, CMO Paul Kontonis exclusively tells Axios.

Why it matters: The fresh capital comes amid a difficult advertising market and increased competition in streaming video.

Details: Revry plans to raise a Series A later this year. It is currently working on closing a bridge round on the heels of launching an ad network, Kontonis says.

• Revry has raised about $5 million in seed funding. Backers include Pride Fund, Backstage Capital, Collab Capital, Elevate Capital, Debut Capital, Tie Angels, Loud Capital and Gaingels.

Catch up quick: CEO Damian Pelliccione started Revry in 2015, along with three co-founders Alia J. Daniels, Christopher Rodriguez and LaShawn McGhee, after identifying the absence of a queer streaming network available on his Apple TV.

• Revry launched a subscription service in 2016 and has since expanded to ad-supported channels. The Los Angeles-based company has about 30 employees.

What's happening: Revry's leadership team was in New York yesterday, presenting its content slate to a crowded room of more than 300 advertisers and more streaming virtually at the IAB NewFronts.

• While most presentations were composed of sizzle reels, slides and brief panels, Revry put on a 15-minute show called "The Wizard of Yaaaas" with singing and dancing. Pelliccione played the good witch, guiding Dorothy down the Revry Road to Rainbow City.
• "The queer community is so welcoming," Dorothy, played by singer Madison Rose, said onstage. "And loyal," Pelliccione replied. "We have the highest return on marketing investment in all the land."

Be smart: Revry aligns with several growing media trends. It has a network of free ad-supported streaming television channels, and it is a diverse-owned and operated company that serves a multicultural audience.

• Revry is certified by the National Gay & Lesbian Chamber of Commerce and as a diverse media supplier by the Association of National Advertisers. Those certifications mean it can help brands meet their goals of supporting such businesses and reaching those communities.

Of note: Revry is not looking to be acquired by a larger media company, at least not now.

• "Being independent is currently an advantage for us because we help advertisers efficiently spend their budgets with a diverse-owned and targeted partner," Kontonis says.