Discovery Inc. was responsible for the initial $100 million investment that launched Group Nine in 2016. In 2017, Discovery, Axel Springer SE and Lerer Hippeau invested $40 million in the company.
Discovery, Inc. and Axel Springer SE will retain a minority stake in Group Nine, with Discovery as the lead investor.
The latest round of investment comes as Group Nine reveals it has doubled its revenue since forming in 2016. Increased revenue stems from advertising, content distribution and original content sales and licensing.
The funding will be used to invest in the company's current brands, including The
Dodo, NowThis, Thrillist and Se
The company also plans to allocate funds toward potential strategic acquisitions. Earlier this year, Group Nine was reported to be in talks with Refinery29 to discuss a possible merger. Vice Media has also been reported to be considering an acquisition of the fashion and culture brand.
Group Nine and Discovery Inc. collaborate on co-selling advertising campaigns across linear, mobile and experiential. Group Nine produced social content for the company, including “Shark Week” and “Inside the Royal Wedding,” in addition to partnering on cross-platform content initiatives.
Last year, Discovery Inc. brand Animal Plant and The Dodo launched “Dodo Heroes,” the network’s first global, cross-platform franchise.Group Nine boasts production deals with more than 20 different channels and platforms that include Netflix and Comedy Central, in addition to Discovery.