Inverse Garners Extra Readership by 700%, Raises $6 Million in Series A Funding
The top publishing house, Inverse that was launched in August 2015, has raised $6 million in Series A Funding, according to a recent report at Tech Crunch. Founded by Dave Nemetz, the startup covers a mix of science, geek, and tech news. The objective of Inverse is to cover the interests of people in this century, as told by Nemetz to Tech Crunch.
Crosslink Capital led the round and included investments from companies like Social Starts, Vast Ventures, Venture Partners and Bertelsmann Digital Media Investments. As part of the funding, Vice President at Crosslink Capital, Omar el-Ayat, will be an active member of Inverse's board. With the recent round of funding, the company has netted an amount of approximately $8 million at the time of writing this piece. This may not be a stupefying figure given the fact that top digital media companies have made some massive valuations. For instance, NBC Universal recently invested millions into BuzzFeed and Vox Media. However, this round of funding by Inverse is still eye-popping considering the latest chatter of the day or reckoning surrounding the industry.
Inverse's readership grew to an amazing 7 million unique visitors in August 2016 from 1 million last fall. Over 80% of its reader base includes male and 75percent belong to the millennial generation in the age group of 18 years to 34 years, according to Google Analytics.
The latest round of funding will be used to enhance the momentum additionally by roping in Michael Branch, newly appointed VP of Sales. Branch has taken up the role of a sales manager in organizations like IAC/College Humor and Pandora in the past.
Nemetz stated that the plan of the company is to lay emphasis on quality content and foster direct relationships with advertisers and readers. His words echo the recent talks by Josh Topolsky, former editor of Verge and Bloomberg, who is now introducing The Outline-a source of high-end digital content.
