Deals
Smosh Owner Raises $70 Million to Fund More Online Video Growth
- Wellington Management leads Series B funding round in company
- Proceeds to pay for comedy, lifestyle and gaming shows, films
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Defy Media Inc., home of popular web video channels Smosh and Clevver, raised $70 million in a funding round led by Wellington Management, money that will help the company speed up its growth in the burgeoning online video market.
Proceeds from the Series B funding will be used to produce and market movies and online series, according to Defy Media President Keith Richman. He declined to say how large a stake Wellington purchased, except to describe it as a minority holding. Defy Media plans to develop more comedy, lifestyle and gaming-oriented programming.