Recurrent Ventures Raises $300 Million

Owners of publications such as Popular Science and Outdoor Life, Recurrent Ventures have raised $300 million in a funding round led by private equity firm Blackstone, making it one of the biggest investments in online publishing in recent years.

Recurrent Ventures Chief Executive Lance Johnson said that it plans to use the raised capital to acquire additional media properties as having more scale will help the publishing company’s pitch to advertisers and could also appeal to investors as the company explores an IPO or a possible sale to a larger media company. 

He further said that the company will likely focus on acquiring media brands it can tuck into its existing categories, including automotive, technology, home, and military, but will also explore videogames, sports, and travel.

Mr. Johnson refused to discuss detailed financial data of the company. According to the company, the operating margin in 2021 was over 20%. The company hopes to increase that margin to more than 30% in the next few years.

Recurrent has raised a total of more than $400 million, including a $75 million equity investment by Powerhouse Capital and Raga Partners in October 2021 and other previous funding. Powerhouse Capital and Raga Partners have committed additional capital in the final round. North Equity remains a major shareholder in the company.