• by Sara Guaglione , January 21, 2020

Digital sports news subscription publisher The Athletichas raised $50 million in a Series D funding round.

The company has raised a total of $139.5 million since its launch in 2016, according to Axios, which first reported the news.

Axios says this means The Athletic, which is mostly ad-free, is valued at roughly $500 million.

The Series D funding round is led by Bedrock Capital, with participation from Emerson Collective and Powerhouse Capital, as well as existing investors.

The capital will be used primarily to grow The Athletic's editorial operations overseas, as well as invest in expanding the company's headquarters in San Francisco.

The Athletic launched in the UK last August, and began covering English Premier League soccer teams.

In July, The Athletic announced it had more than 500,000 subscribers. The company expects to hit 1 million subscribers worldwide soon, cofounder Adam Hansmann told Axios. It is also working toward profitability this year.

The Athleticlaunched 20 new podcasts in 2018, focused on specific teams and cities, including the NBA, NHL, NFL, MLB and fantasy sports and the Bay Area and Toronto. 

There are two options for a subscription to The Athletic: $4.99 a month for an annual subscription or $9.99 for a month-to-month plan. 

The company reports an over 80% renewal rate among subscribers.