NowThis Media, a New York social video news publisher, raised a total of $16m in new funding round.
The round was led by Axel Springer Digital Ventures. Other backers included Oak Investment Partners (the largest investor after the new round of financing), Lerer Hippeau Ventures, Bedrocket Media Ventures, NBC and SoftBank Capital.
Founded 2012 by Huffington Post co-founder and Buzzfeed Chairman Kenneth Lerer, and former CEO of the Huffington Post Eric Hippeau, NowThis Media primarily addresses the target group of 18- to 34-year-olds, producing short videos about trending stories, designed for mobile devices and distribution across social networks. The company has developed a new type of technology which identifies trending topics on social networks and allows editors to produce and publish videos. The startup produces around 60 videos every day for Facebook, Instagram, Snapchat, Twitter, Vine, Kik, WeChat and YouTube.