Maven (MVEN) , parent company of media properties such as Sports Illustrated and TheStreet, said the company added a number of investment partners last week, raising nearly $ 20 million.
Maven also acquired the sports website TheSpun, further strengthening its Sports Illustrated Media network.
Maven CEO Ross Levinsohn said in a statement that the valuation of the company for the recent funding round rose more than 70% from the previous cycle last fall.
He said he expected the company to complete the final financing close within a week or two.
He said the company is close to completing all of the Securities and Exchange Commission filings needed to bring the company up to date for the first time. The move would allow the company to increase its shares on the Nasdaq this year, Levinsohn said.
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Terms of the acquisition of TheSpun were not disclosed.
Maven said the TheSpun site started in 2012 and covered college sports. It has grown to cover a wide range of sports including professional baseball, soccer, basketball, hockey and more, as well as college level games.
TheSpun joins Maven’s Sports Illustrated Media Network. TheSpun founder Matt Lombardi joins the team of Maven Media Chairman Rob Barrett.
Lombardi will hold the title of vice president and general manager of growth for sports while continuing to manage TheSpun, the company said.