Wave.tv, a Los Angeles, CA-based sports media company for social media fans, closed a $32m Series A funding round, of both equity and debt.
The round was led by CoVenture and GPS Partners with participation from existing investors Golden Ventures and Sweet Capital, as well as new investors.
The company plans to use funds to expand portfolio of media brands to include underserved fandoms. With the new funding, WAVE.tv will grow the business into a comprehensive sports entertainment company with an eye for continued category and platform expansion, IP and talent development, eCommerce, acquisitions, sports betting, and more. The company will use the new funds to expand its roster of media brands onto new platforms and launch new media brands in categories of fandom not yet represented in their portfolio.
Founded in 2017 and led by Brian Verne, CEO, and President Ishaan Sutaria, WAVE.tv was built to entertain digitally native fans with the programming they love, in the places where they spend the most time, namely Snapchat, Instagram, Facebook, TikTok and Youtube. With over 18 media brands in the WAVE.tv portfolio, the company generates 3.2B monthly views, while reaching over 200M fans each month.