One of South Florida's top-funded businesses of 2021 just raised even more capital.
Recurrent Ventures, a digital media company headquartered in Miami, secured $300 million in a round led by Blackstone Tactical Opportunities. That follows a $75 million capital raise last October, one of the region's largest venture deals of the year.
The company was founded in 2018 by North Equity Managing Partners Andrew Perlman and Matt Sechrest. Since then, it has acquired 24 digital media brands, including Popular Science, Outdoor Life, The Drive and BobVila.com.
Recurrent's digital-first approach focuses on growing brands by driving engagement with audiences, said C. C. Melvin Ike, managing director at Blackstone Tactical Opportunities.
"The increasing demand for digital content has continued to be a key investment theme for Blackstone across our businesses," he added.
According to its website, Recurrent's 24 media brands collectively have more than 38 million social media followers and 60 million unique website visitors per month. With the new capital, the company plans to scale its operations through hiring and talent development, and by adding new content offerings for audiences. Recurrent currently targets brands in the science, technology, outdoor, home, automotive and military verticals.
"We are extremely proud of what we've done so far with our digital media brands, from growing audiences, to developing our brand monetization playbook, to bringing in best-in-class talent," Recurrent CEO Lance Johnson said.
In addition to its Miami headquarters, Recurrent has offices in New York, Los Angeles and San Francisco. The virtual-first firm has more than 300 full-time employees and 475 contributors based across the U.S.
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