Recurrent Ventures Funding, Investors & Competitors

Recurrent Ventures has raised $375M across 2 funding rounds, most recently a $300M undisclosed-stage round in May 2022.

Last Recurrent Ventures funding round

$300M

Undisclosed stage · May 2022

Cumulative funding Recurrent Ventures raised

$375M

across 2 funding rounds

Key investors in Recurrent Ventures

  • Recurrent Holdings
  • Blackstone
  • Powerhouse Capital
  • Raga Partners

Recurrent Ventures Overview

About Recurrent Ventures

Recurrent Ventures is a Chicago-headquartered digital media company backed by North Equity that owns 20 brands spanning automotive, home, lifestyle, military, outdoors, science, and technology verticals. Its portfolio includes Popular Science, The Drive, Domino, Outdoor Life, Field & Stream, SAVEUR, and Futurism, reaching tens of millions of monthly unique visitors. Founded in late 2018 with the acquisition of The Drive, it maintains editorial independence while enabling brand growth through consumer-focused content.


Founded

2018

HQ

United StatesMiami, FL

Status

Privately held

Customer focus

B2C

Revenue model

Advertising, Subscription

Recurrent Ventures Funding History

Recurrent Ventures has raised a total of $375M across 2 funding rounds.

Recurrent Ventures' first fundraising round was a $75M undisclosed-stage round in October 2021. The most recent completed round was a $300M undisclosed-stage round in May 2022.

Recurrent Ventures funding rounds

Recurrent Ventures funding rounds
DateStageInvestorsRaisedDeal Summary
May 2022Undisclosed stageBlackstone (lead); Powerhouse Capital; Raga Partners; Recurrent Holdings$300MRecurrent Ventures, a digital media company founded in late 2018 by North Equity’s Managing Partners Andrew Perlman and Matt Sechrest, closed a $300 million funding round on May 18, 2022, led by funds managed by Blackstone Tactical Opportunities. Existing investors including North Equity, Powerhouse Capital, and Raga Partners committed additional capital. The company owns 24 digital media brands across verticals such as Science, Tech, Outdoor, Home, Automotive, and Military, including Popular Science, Domino, JancisRobinson.com, Field & Stream, Donut Media, and Task & Purpose. Recurrent operates as a virtual-first company with over 300 full-time employees and 475 creative contributors, headquartered in Miami with offices in Los Angeles, New York, and San Francisco. The new capital is intended to propel strategic acquisitions, expand brand reach, develop creative talent, scale operations through hiring and talent development, utilize new engagement channels, grow video presence, and introduce new content offerings. CEO Lance Johnson highlighted the company's progress in growing audiences, developing brand monetization strategies, and investing in editorial teams to create a new type of digital media company focused on transparency and best practices. Blackstone provides operational expertise, an extensive network, and capacity for larger deals, aligning with Recurrent’s ESG and triple bottom line focus. This round brings Recurrent’s total funding to over $400 million, following a $75 million raise in October 2021. The company anticipates a diversified revenue model with advertising comprising half, 30% from ecommerce and affiliate income, and the rest from subscriptions, content licensing, and events. Plans include positioning for potential IPO or merger within three years amid challenges in ad-supported digital publishing due to competition from Google and Facebook.
Oct 2021Undisclosed stageRecurrent Holdings (lead)$75MRecurrent Ventures, a digital media company focused on automotive, home, military & defense, science & tech, and outdoors verticals, raised $75 million in growth capital from North Equity (also referred to as Recurrent Holdings) on October 7, 2021, bringing total capital raised to over $100 million in equity and debt. The funding, provided entirely by its private-equity parent North Equity, aims to fuel acquisitions of distressed digital media properties, invest in its existing portfolio of over 20 brands including The Drive, Popular Science, Field & Stream, Saveur, BobVila.com, Car Bibles, Task & Purpose, and Domino, and support employee growth from over 200 to potentially double the following year. CEO Lance Johnson highlighted the success of their playbook in building profitable businesses with content creators, planning two to four more deals in 2021 within existing coverage areas. Founded in late 2018 with North Equity's acquisition of The Drive from Meredith Corporation, Recurrent rapidly expanded through add-on acquisitions, becoming the parent for all digital media brands under North Equity by June 2021 while the firm continued as primary investor. The company operates by snapping up orphaned legacy and new media brands, injecting tech resources to revive them amid private-equity consolidation in digital media, competing with players like Red Ventures, Ziff Davis, and Bustle Digital Group. Johnson noted the business is already profitable with expectations of a healthy profit margin close to 30% for 2021. Post-funding, Recurrent planned to accelerate its acquisition pipeline, diversify businesses, and ramp up sustainability and conservation initiatives. The round aligns with North Equity's aggressive media strategy, positioning Recurrent as a key player in resurrecting languishing digital titles.

Who has invested in Recurrent Ventures?

4 investors have backed Recurrent Ventures across its funding rounds, including Recurrent Holdings, Blackstone, Powerhouse Capital and Raga Partners.

Lead investors include Blackstone and Recurrent Holdings.


Recurrent Ventures Investors

Investors in Recurrent Ventures by funding rounds participated
InvestorHQRoundsRoleFirst check
Recurrent HoldingsUnited StatesUnited States2LeadOct 2021
Powerhouse CapitalUnited StatesLos Angeles, CA1ParticipantMay 2022

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Acquisitions by Recurrent Ventures

Recurrent Ventures has acquired 9 companies to date.

Last acquisition by Recurrent Ventures was on September 15th 2022. Recurrent Ventures acquired Dwell for undisclosed valuation.


Latest Acquisitions by Recurrent Ventures

Dwell
We Are The Mighty (WATM)
Business of Home
Donut Media
Description
Dwell is a San Francisco-headquartered media company that publishes Dwell magazine, focusing on modern architecture, interiors, and sustainable design. The platform reaches audiences through its website, newsletters, books, and events like Dwell on Design in Los Angeles. It covers residential projects by architects such as Frank Gehry and features products from brands like Herman Miller, serving over two million readers annually across print and digital channels.
We Are The Mighty is a media and entertainment brand serving 133 million U.S. service members, veterans, families, and supporters. Los Angeles-headquartered since 2013, it produces video content, podcasts, and events partnering with brands, nonprofits, and government agencies. The veteran-led team delivers marketing campaigns and experiential activations reaching military audiences.
Business of Home is a New York-based daily media outlet serving the interior design and home furnishings industry since 2009. It publishes news, trend analysis, and profiles across website, newsletters, and events, attracting professionals with interviews from firms like Gensler and RH. Content focuses on product launches, market shifts, and designer spotlights.
Donut Media is a Los Angeles-based automotive content creator producing videos for YouTube and TikTok with over 8 million subscribers. Founded in 2015, the channel covers car reviews, builds, and industry news through series like Hooning and Up to Speed. It collaborates with brands such as Ford and Michelin for sponsored challenges and hosts live events at tracks like Willow Springs.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
San Francisco, CA
Los Angeles, CA
New York City, NY
Los Angeles, CA
Deal Date15 Sep 20222 Jun 202222 Mar 20229 Nov 2021
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Recurrent Ventures Competitors

Recurrent Ventures competitors include listed companies like Liberty Media and Alibaba Pictures Group, and private ones like Synthesia, Suning Sports, Create Music Group and Cosm.

Public and private companies comparable to Recurrent Ventures
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SynthesiaUnited KingdomLondonPrivate$100M-$4B40.0x
Suning SportsChinaNanjingPrivate--$2.6B-
Create Music GroupUnited StatesLos Angeles, CAPrivate--$2.2B-
CosmUnited StatesLos Angeles, CAPrivate$54M-$2B37.0x
Liberty MediaUnited StatesUnited StatesPublicly listed$4.5B$1.4B$23B5.9x
Alibaba Pictures GroupChinaChinaPublicly listed$1.2B$133M$1.8B0.7x

Recurrent Ventures Public Comps

Recurrent Ventures is still privately-owned, but its public comps include Netflix, Disney, Warner Bros. Discovery, Autodesk, East Money, Universal Music, Reddit, LY Corporation, Liberty Media and Unity.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Netflix$45B$30B7.1x6.4x10.6x19.8x
Disney$94B$19B2.4x2.3x12.3x10.3x
Warner Bros. Discovery$37B$21B2.7x2.8x4.8x12.0x
Autodesk$7.2B$1.8B6.3x5.7x25.6x14.1x
East Money$2.4B$2.1B5.1x4.3x5.7x4.8x
Universal Music$14B$3B2.5x2.4x11.9x11.5x
Reddit$2.2B$545M12.1x8.7x48.9x20.1x
LY Corporation$13B$3B2.8x2.6x11.9x10.3x

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Common questions about Recurrent Ventures

When was Recurrent Ventures founded?Recurrent Ventures was founded in 2018.
Where is Recurrent Ventures headquartered?Recurrent Ventures is headquartered in Miami, FL, United States.
Is Recurrent Ventures publicly listed?No, Recurrent Ventures is a private, VC-backed company.
How much funding has Recurrent Ventures raised?Recurrent Ventures has raised $375M across 2 funding rounds.
What was Recurrent Ventures' last funding round?Recurrent Ventures' last funding round was a $300M undisclosed-stage round in May 2022, led by Blackstone.
Who are Recurrent Ventures' investors?Recurrent Ventures' investors include Recurrent Holdings, Powerhouse Capital, Blackstone and Raga Partners.
Which companies are comparable to Recurrent Ventures?Companies comparable to Recurrent Ventures include Synthesia, Suning Sports, Create Music Group, Cosm, Liberty Media and Alibaba Pictures Group.
How many companies has Recurrent Ventures acquired?Recurrent Ventures has acquired 9 companies, including Dwell, We Are The Mighty (WATM), Business of Home, Donut Media and JancisRobinson.

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