Israeli media company Minute Media has raised a new $15 million funding round, led by Qumra Capital and with some of the cash coming from Battery Ventures, Dawn Capital and Germany’s ProSieben. Minute owns 12up and 90min, sites that use fan-generated content for sports journalism.
The 90min site gets its name from the length of a soccer game. It covers events in English, German, Spanish, Italian, French, Turkish, Portuguese, Vietnamese, Thai and Indonesian with a clear effort put into getting as much soccer content on the site, from as many sources, as possible. They bring in revenue via ads and brand-sponsored content on the site. When asked by Geektime, they would not specify what their annual revenue amounted to, though they said it accounted for “millions of dollars.”
The 12up site has more of an American sports theme, giving the company a foot in the US market as well.
A spokesman for the company told Geektime that the new money will be put toward expansion to Japan, Russia, and new Arabic-language content. That might include the extension of coverage to cricket and rugby.
“We are very excited about 2017 and look forward to cementing our growing position in the sports media industry and to developing our platforms towards the 2018 World Cup in Russia as well as launching a new unique esports platform,” said Asaf Peled, Minute Media Founder and CEO in his release to the press.
The generated content on their sites amounts to about 20,000 pieces of fan-generated content (blogs, videos, etc.) and 70 million unique users every month. Fans are encouraged to use it as a home base for galleries, quizzes and even top 10 lists they may write at their leisure. One of the most influential media companies in Germany, ProSieben maintains a joint venture with Minute Media, which according to a spokesperson for the latter involves joint sales and television advertising.
“For more than a decade the publishers all over the world are undergoing major upheaval following the passage of the written press to online media, we believe that Minute Media become the world leader in the sports world in general, particularly for millennial generation, an attractive audience for all the advertisers and publishers Minute Media are targeting,” wrote Boaz Dinte, Managing Partner at Qumra Capital, in a press release.
This is the third time in four years that they have raised a funding round worth at least $15 million. Battery led a $5 million Series D back in May 2016. Previous investments include a $15 million round led by ProSieben in October 2015 and an $18 million venture led by Battery in March 2014.
Minute Media maintains offices in Tel Aviv, London, New York, São Paulo, Tokyo, Manila, and Singapore. They have 140 employees worldwide, 70 of them located in Israel.