Blavity, a digital news platform focused on Black Millennials, has today announced $6.5 million in new funding led by GV (Formerly Google Ventures) with participation from new investors Comcast Ventures, Plexo Capital, and Baron Davis Enterprises.
The company says it will use this latest round of funding to accelerate its vision to become the global media and tech company for a new generation of Black Americans. The brand is on a mission to showcase inspirational stories, smart news, events across lifestyle categories, and develop new platforms. Respected as one of the most influential Black youth media brands, Blavity was created by media industry outsiders with nominal funding in 2014.
Blavity Inc. will expand its offices to a second location focusing on data and engineering to develop new tools for consumer connectivity, smarter publishing, and creative advertising solutions.
Digital media is at a turning point,” said Morgan DeBaun, founder and CEO of Blavity. “Niche communities are becoming the majority and multi-billion dollar media brands built in collaboration with creators will evolve into market leaders seemingly overnight.” She adds. “Blavity’s success was accelerated by empowering a young and growing underserved market of consumers often overlooked by Silicon Valley and traditional media outlets.”
THE RISE OF BLAVITY IN TECH IN JUST 36 MONTHS
Blavity has nearly doubled in growth in each of the last three consecutive years. Last year, the company acquired two independent Black media brands, Travel Noire and Shadow and Act to expand its verticals from news to focus on lifestyle. The startup also produces the largest Black tech and culture conference in silicon valley, AfroTech and the women’s millennial entrepreneur and beauty festival, Summit21.
Blavity’s existing investors include MACRO, New Media Ventures, the Knight Enterprise Fund, Base Ventures, Harlem Capital Partners, Cross Culture Ventures and various notable angel investors.