Reed Elsevier Ventures Leads Martini Media’s $6 Million Second Round
Affluent ad-focused Martini Media Network has raised $6 million second round led by Reed Elsevier (NYSE: RUK) Ventures. Granite Ventures and Venrock participated in the round as well. While the b2b magazine division of Reed Elsevier has spent the past year selling off periodicals, the venture capital arms has been looking at content and ad networks. Back in April, Reed was part of content net Healthline’s $14 million third round.
While Reed Elsevier isn’t typically known for directly courting the “young, affluent enthusiast” that Martini Media aims its ads at, in making the funding happen, Kevin Brown, a Reed Elsevier Ventures partner, said in a statement,
This is staggering. Reed Elsevier has laid off hundreds of editors and closed dozens of magazines this year but has an extra $6M to invest in this firm. Absolutely staggering. No clue how these British demons sleep at night.