Mic raises US$21m for video expansion

Millennial-focused web publisher Mic has raised US$21 million in Series C funding, to help expand its video output.

Mic said will use the cash to “aggressively expand” its premium video offerings for live and subscription video-on-demand, as well as to grow its new channel brands.

The funding round was led by Lightspeed Venture Partners, with investment also coming from Time Warner Investments, investment group Kyu Collective and ‘brandtech’ group You and Mr. Jones.

Mic claims that video now accounts for more than 75% of its daily views and that it reaches more than 66 million unique readers and viewers each month.

News of the funding comes after Mic recently added nine new content brands to its line-up, including: politics channel Navigating Trump’s America; personal finance channel Payoff; and feminist channel Slay.

Mic was founded in 2011, is headquartered in New York and has teams in San Francisco, Los Angeles, Chicago, Toronto, Kiev, Stockholm and Berlin. With the new funding round, the firm has raised US$52 million to date.