Maven Raises New Capital To Expand and Develop Business

MavenPR

Investment another validation of company’s go-forward strategy

SEATTLE -- Maven (OTC: MVEN), a technology platform company powering media brands, announced today that it had completed its latest fundraising efforts and raised $24 million from new and existing investors. The company, which operates both the Sports Illustrated media business and TheStreet.com and powers more than 250 media brands, kicked off this effort Sept. 4 in conjunction with naming Ross Levinsohn as CEO.

The company entered into securities purchase agreements in a series of private placements of shares of convertible preferred stock. The company’s related 8K filings can be found here and here.

“The investments in Maven are another validation of our business model, strategy, and leadership team,” said Ross Levinsohn, who was named Maven CEO in late August. “We continue to expand our business, drive efficiencies and margin, and look for new opportunities in the market.”

New investors include TCS Capital Management and Hunt Technology Ventures LP, with existing investors B. Riley Financial, Invenire Capital Partners, and 180 Degree Capital. Capital raised will be used to expand the breadth and depth of the company's premium partnerships, reduce debt, and support general corporate purposes.

About Maven

Maven (maven.io) is a best-in-class technology platform empowering premium publishers who impact, inform, educate and entertain. Maven operates the media businesses for Sports Illustrated and TheStreet, and powers more than 250 brands including History, Maxim, Ski Magazine, and Biography. Maven is publicly traded under the ticker symbol MVEN.

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