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Group Nine raises a further $40m

Discovery Communications, German publishing giant Axel Springer and a US venture capitalist have ploughed a further US$40m into digital-first firm Group Nine Media.

Group Nine operates online channels The Dodo, NowThis, Thrillist and Seeker and claims more than five billion monthly video views.

Factual giant Discovery invested US$100m in the firm in October last year and is now part of a follow-up round of funding that includes New York-based seed investor Lerer Hippeau.

Group Nine says the funds will be used to expand video content across its brand and for select acquisitions.

Ben Lerer, Group Nine Media CEO, said: “We founded Group Nine with the strongly held belief that the media industry was at the beginning of a massive and definitive shift to digital video and that the next generation of great brands would be built on top of the leading social platforms.

“In addition, we believed that scale would rule and be imperative for success and that quality content and original IP would be key to building out a truly successful digital footprint. We are very pleased to see all this come together this past year.

“This vote of confidence from our partners in both our vision and trajectory will allow us to lean in and grow faster and smarter.”

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