The Athletic Gets $50M In Funding, Expects Profitability In '20
The Athletic has raised $50M in a Series D funding round, and now "expects to become profitable" in '20, according to Sara Fischer of AXIOS. The Athletic has "raised a total" of $139.5M since its launch in '16 and is "valued at roughly" $500M. It has "over 500 full-time employees across the world" and will "soon hit a million subscribers worldwide." Investors said that they "remain bullish on the company's ability to keep growing, because it's been able to grow its subscriber base quickly, especially overseas, while retaining existing customers." But The Athletic co-Founder & CEO Alex Mather said that the company "isn't looking to increase prices on consumers to hit profitability, but rather is focusing on growing and retaining its user base." Fischer notes Series D is being "led by Bedrock Capital with participation from Emerson Collective and Powerhouse Capital along with existing investors." Actor Matthew McConaughey also "participated in the round via Plus Capital, a venture fund backed by top influencers from entertainment, TV, film, music, and sports" (AXIOS.com, 1/21).