21st Century Fox Invests in theSkimm
The company curates news, events and other information for millennials via its Daily Skimm newsletter and Skimm Ahead subscription app.
21st Century Fox has led an $8 million funding round for theSkimm, which curates news, events and other information for millennials, the companies announced Wednesday.
The size of the conglomerate's minority stake wasn't disclosed. Joining Fox in the funding round were existing investors RRE Ventures, Greycroft Partners and Homebrew.
Founded by entrepreneurs Danielle Weisberg and Carly Zakin, theSkimm reaches over 3.5 million subscribers with its core product, the Daily Skimm newsletter.
Last month, the company expanded its offering with Skimm Ahead, a paid subscription app that costs $2.99 per month. theSkimm’s future plans include original video content, produced and distributed under its Skimm Studios banner.
“We were immediately impressed with theSkimm’s unique editorial voice, and by their ability to drive meaningful engagement with their community of users,” said Randy Freer, president and COO of the entertainment conglomerate's Fox Networks Group. “Carly and Danielle have mastered the art of building community and have quickly proven they can effectively expand their suite of products to serve their ever-growing audience. We look forward to supporting theSkimm’s growth, and are confident that this investment marks the beginning of a long and successful creative partnership.”
Said Weisberg and Zakin: "When it comes to building brands with a singular focus on audience engagement, 21st Century Fox is the best in the game. We are thrilled to take theSkimm to the next level with their support."
In addition to thousands of brand ambassadors, theSkimm says it has such "champions" as Oprah Winfrey, Amy Schumer, Stephen Colbert, Lena Dunham, Reese Witherspoon, Michelle Obama and Hillary Clinton.