The company began the fundraising push in September, after former Sports Illustrated chief executive Ross Levinsohn was named CEO of Maven.
“The investments in Maven are another validation of our business model, strategy and leadership team,” stated Levinsohn. “We continue to expand our business, drive efficiencies and margin, and look for new opportunities in the market.”
Maven paid $45 million to license and operate Sports Illustrated’s print and digital businesses from Authentic Brands Group in June 2019, after ABG had purchased the brand from Meredith Corp.
New investors include TCS Capital Management and Hunt Technology Ventures LP.
Existing investors include B. Riley Financial, Invenire Capital Partners and 180 Degree Capital.
Maven announced it had raised $20
million in October 2019.