We are excited to announce kyu’s strategic investment in Mic, a digital media company.
Established in 2011, Mic (formerly known as “PolicyMic”) has quickly become the leading millennial-focused digital media company. Over 66 million unique people read or watch Mic over 400 million times each month across its various platforms. It has a higher composition of 18 to 34-year-old readers than any other news site – including Buzzfeed and Vice.
Headquartered in New York, Mic has offices in San Francisco, Los Angeles, Chicago, Toronto, Kiev, Stockholm, and Berlin. It has over 170 employees and is run by its two founders – Chris Altchek (CEO) and Jake Horowitz.
Mic has raised $21 million in its Series C (and likely last) round of funding, which it will use to aggressively expand its new channels as well as premium video offerings. Fellow major investors include Lightspeed Venture Partners (the original backer) and Time Warner.
Why have we invested in Mic?
- In the years to come it is highly likely that the lines between communication agencies and publishing platforms will continue to blur. Unlike previous generations who viewed activism at odds with commerce or most forms of consumption, millennials view their purchasing power as one of their strongest levers of activism. Multiple studies have shown they prefer brands that are making a positive impact on society – and will often pay more for those brands (e.g. Tom’s Shoes, Patagonia, and Method).
- If kyu is going to be as influential as it aspires to be, it needs to explore the ways it can inspire millennials both by providing the best possible work for clients and by creating the best workplaces. The ability to make a claim that we are investors in the leading millennial-centered online medium is a very powerful statement. kyu’s investment in Mic sends a signal to you and all your colleagues (both current and future) about our commitment to making real impact in society through its most influential and massive group. In other words, our partnership with Mic supports our purpose “to be a source of creativity that propels the economy and society forward.”
- Mic delivers several direct and invaluable tools for kyu member companies including:
- The ability to reach nearly 70% of all millennials in the U.S.;
- Deep insights into the psyche, preferences, and news and cultural trends emerging within the millennial generation;
- An understanding of contemporary social media trends and growing social channels – and which types of content perform best on each;
- A youthful content and marketing team with the skills to create custom content that delivers value for clients across the kyu Collective;
- An excellent add-on to our existing millennial-focused research tools such as Red Peak Youth (RPY).
Stephen Friedman, the President of Societal Impact at SYPartners and former president of MTV, will play a central role in building kyu’s relationship with Mic and integrating its overall lessons into the collective. He has already been a terrific resource in making this deal happen.
Read more about this exciting development on the Wall Street Journal.