Recurrent Ventures, a Miami-based digital media company, closed $300 million in new capital led by funds managed by Blackstone Tactical Opportunities. Existing investors, including North Equity, Powerhouse Capital, and Raga Partners, participated in the round. In total, Recurrent has raised over $400 million.
Recurrent Ventures is a platform to acquire and transform digital media brands. Led by CEO Lance Johnson, the digital media company’s titles include Popular Science, Domino, JancisRobinson.com, Field & Stream, Donut Media, and Task & Purpose. Since 2018, the company has acquired 24 digital media brands across its target verticals of Science, Tech, Outdoor, Home, Automotive, and Military. North Equity spun out the Recurrent Ventures brand last year as an umbrella for its media properties.
“The increasing demand for digital content has continued to be a key investment theme for Blackstone across our businesses. Recurrent has taken a differentiated, digital-first approach that focuses on investing in the growth of the brands it acquires, optimizing the underlying engagement with brand audiences, and equipping the new leadership teams with best-in-class people, technology, and processes,” said C. C. Melvin Ike, Managing Director at Blackstone Tactical Opportunities.
Recurrent’s headquarters are in Miami and it has offices in Los Angeles, New York and San Francisco. A remote-first company, Recurrent employs over 300 full time employees and 475 creative contributors across the country.
The company said in a press release it will use the new funds to continue to scale its operations, through hiring and talent development, utilizing new engagement channels, expanding its video presence, and introducing new content offerings for audiences.
Johnson told the Wall Street Journal Recurrent also plans on using the funding to buy more media properties. More scale could appeal to investors as the company explores an initial public offering of stock or a possible sale to a larger media company. “In 12, 24, 36 months we’ll have options, whether that’s going public or combining with someone else,” he told the Journal.
: READ MORE ON REFRESH MIAMI:
- Pigeon Loans lands $2.5M seed round to level up loan platform
- Q&A with Dami OsunSanya, the new director of SB Opportunity Fund
- Like Tinder but for work, Fortuna lets jobs hunters swipe right and connect
- 5 questions with TradeStation’s John Bartleman
- With $1.96M in funding in tow, Wayru spearheads strategy to bring internet to underserved communities