ATTN: Raises $15 Million From Evolution Media (Exclusive)
Bill McGlashan, founder and managing partner of TPG Growth, will join the ATTN: board.
Media startup ATTN: has raised $15 million as it plots an expansion of its video production business.
The company, which uses social media platforms like Facebook to share content about a variety of progressive issues, has over the last couple of years focused on video as opposed to written editorial content. More recently, it has placed an emphasis on producing premium video series that it can sell to television buyers.
To further fund that effort, ATTN: has raised the series C round of funding from Evolution Media. The TPG Growth-backed investment company also participated in ATTN:'s last round, which brought in $18 million in 2016. Since launching in 2014, ATTN: has raised approximately $37 million.
"Since we founded this company over four years ago with the mission to make informative content both entertaining and accessible, we have been lucky to be supported by some of the smartest and most strategic partners in the media space," co-founders Matthew Segal and Jarrett Moreno said in a joint statement.
ATTN: has raised money at a pivotal moment for digital media companies. Over the last year, many once-hot startups have had to course-correct as they've watched Facebook pull back on promoting content from media brands and as it has become increasingly difficult to compete with behemoths Facebook and Google for digital ad dollars. Many companies have been looking to sell as the challenges of growing a stand-alone media brand become increasingly clear.
Amid these concerns, Segal tells The Hollywood Reporter that the latest investment "is an up round raised at a premium to our last round," though he declined to provide specifics about the company's current valuation.
ATTN: makes short, socially distributed such as the 10-episode IGTV series Here's the Deal, hosted by Joe Biden, and the Facebook Watch series Your Food's Roots, hosted by Zooey Deschanel. But, like many of its digital media peers, ATTN: has also made longform content more of a priority as it looks to bring its IP to television. In 2017, ATTN: struck a co-production deal with ABC News. It also is developing a TV adaptation of the digital series America Versus with Paramount Television.
In late August, ATTN: tapped Jessie Surovell, formerly of The Content Group, to oversee its television development.
The new round of funding will help to fuel continued efforts in this area for the 130-person company. It also will see Bill McGlashan, founder and managing partner of TPG Growth, join the ATTN: board.
"As today's media landscape continues to evolve, ATTN: has emerged as a dynamic platform unique in its ability to educate and update its viewers on topics that matter, in a highly entertaining, concise, and informative way," said McGlashan. "I am excited to join ATTN:'s board, and look forward to working with Matthew, Jarrett and the rest of the ATTN: team as they continue the platform’s expansion into longform content and beyond."