The company plans to use it to increase its e-commerce business and add new Web series, stretching itself beyond funny dog pictures.
, has taken in a $21.5 million Series A. The round was led by Volition Capital, a Boston VC firm that has backed companies like Chewy.com, the pet-supplies e-tailer.a mix of sponsored ads and e-commerce
, mostly apparel and other items bearing the meme accounts’ brands. The five-year-old company hadn’t intended to take any outside capital but thought Volition’s experience backing Chewy.com would benefit a determination to grow its own e-commerce operation. “When they hit us up, we were like, ‘Yeah, okay, let’s hear them out,’” Hailey says. “Our goal is to keep growth that’s sustainable.”
Memes are everywhere online: silly, viral content commenting on pop culture, often through nothing more than recycled joke images. But it’s been hard to gauge how well a company might monetize them—or how valuable such a company would be. In 2020, Warner Music reportedly spent $85 million on IMGN Media, which owns things like the Instagram account @Daquan.
Doing Things weathered the pandemic downturn in marketing dollars by pitching advertisers like Bud Light, T-Mobile and Netflix to its young, loyal audience. It has approximately 20 meme accounts on Instagram, a collection of brands with over 40 million followers. “Companies like Doing Things have already done the hardest part: They’ve created unique content, they’ve amassed massive audiences, and their audiences are very engaged,” says Larry Cheng, a founding partner at Volition. “We think there’s plenty of room to create new brands and expand to new categories and also to extend to different distribution channels.”
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
If You Have Acne, It’s Likely Not Because Of Anything You’re Doing Or Not DoingMy acne is the type that makes clear-skinned people want to recommend their skincare regimen to me.
Weiterlesen »
'Rage-donating' still isn't doing Democrats any favors.MaddowBlog: In 2020, donors invested millions in campaigns that stood little chance of success. In 2022, contributors may repeat the mistakes.
Weiterlesen »
Team USA Skier Kai Owens 'Doing Well' After Moguls Training CrashThe 17-year-old Olympian injured her face in a crash Tuesday night. She was set to compete in the moguls qualification round on Thursday.
Weiterlesen »
Why ‘Destiny 2’ Doing PS5 Exclusive Content Would Not Make Any SenseIt took all of three seconds for Destiny 2 players to hear the news that Bungie had been bought by Sony for $3.6 billion, and start to fear the worst.
Weiterlesen »
Nicki Minaj Says There’s ‘a Female or Two’ She Could See Doing a Verzuz Battle WithNicki Minaj explains how she feels about doing a Verzuz battle against Drake and Lil Wayne, and teases who she has in mind.
Weiterlesen »
Adele’s Relationship With Rich Paul Is Doing Just Fine, Thank You Very MuchThe singer subtly threw some shade to rumors swirling that her romance with the NBA sports agent was on the rocks, which led to her decision to cancel her Las Vegas shows.
Weiterlesen »