The Young Turks (TYT), a news driven digital network, just raised $20 million in funding led by investment firm 3L Capital with participation from Greycroft Partners, e.ventures, and Jeffrey Katzenberg’s WndrCo holding company.
As part of the new agreement, 3L’s co-founder and managing partner, Shawn Colo, will join TYT’s board.
“The macro trends around how millennials are consuming news and their political interest has made this a good business opportunity for us,” said Colo.
The new investment, which makes TYT’s recent $2 million crowdfunding venture seem small in comparison, will go towards doubling the size of the company’s newsroom and business operations to roughly 200 total staffers. Additionally, TYT will attempt to build out its ad sales team and to bolster paid subscription options.
The $20 million round represents TYT’s first major investment. In 2014, the millennial-leaning network signed a $4 million convertible note, and raised another $4.25 from non-institutional investors the following year, reports The Wall Street Journal.
The valuation of Young Turks in the deal wasn’t disclosed.
Since its launch on YouTube in 2005, The Young Turks’ channel has grown to 3.4 million subscribers and has accumulated over 3 billion views.