Mashable has raised $15m in a Series C investment round led by Turner, a division of Time Warner, including a partnership for video production, technology and advertising opportunities.
Turner Entertainment chief creative officer and president of TBS and TNT Kevin Reilley will join Mashable’s board of directors as part of the funding agreement.
“Just as we are redefining these networks and continue to innovate beyond the traditional television universe, Mashable is redefining digital storytelling, making us ideal partners in today’s rapidly evolving media ecosystem,” said Reilly. “We’re confident our partnership will increase the cultural relevance of Turner and Mashable content across all of our platforms.”
Other returning investors contributing capital include Time Warner Investments, Updata Partners, David Jones, and Mike Lazerow, with participation from R&R Venture Partners, a fund created by Dick Parsons and Ronald Lauder.
The funding will help expand Mashable’s video offering across all platforms, enhance its data platforms and proprietary tech and bolster its premium ad offerings, with a focus on increasing the company’s branded video division, enabling collaboration between the companies with programming advertising and technology.
“Tech is the current vehicle giving this generation a voice; it is the new cultural lynchpin on which all other creative pursuits rely,” said Mashable chief executive and founder Pete Cashmore. “There is enormous opportunity for a brand that combines tech credibility with cultural influence.
“The most exciting thing right now is the future of TV. Turner, home to the top rated cable networks, is the perfect partner to bring the best of tech and digital culture to TV in fresh ways. Kevin Reilly is a creative visionary that will be a huge asset as we continue to grow as a global entertainment brand.”
Mashable has invested in growing its video capabilities over the last year, launching Mashable Studios in June to create serialised video programming and branded entertainment for the company’s website, social networks, television partners and OTT platforms.
The company has more than doubled its video production with cross platform video views up by 400% and branded content revenue up 69% year on year.
