Black Venture Capital firm Cross Culture scores big with Gimlet Media!
Photo Credit: Marlon Nichols Cross Culture Ventures Co-Founder
Understand this folks! “Voice” is the new radio, and content creators are in huge demand! The guys over at Cross Culture Ventures clearly knows what they’re doing in this VC game! Co-Founders Marlon Nichols and Troy Carter just scored a huge win after investing into media company, Gimlet Media which was recently acquired by Swedish company Spotify . The acquisition deal is said to have closed at around $230 million dollars.
What makes this acquisition such a huge deal?
It’s one of the biggest acquisition deals in history for a young company such as Gimlet media.
Founded in 2014, Gimlet Media is an award-winning narrative podcasting company. The Brooklyn based company’s podcasts have been downloaded over 12 million times per month in nearly 190 countries.
It was just a few years ago when the dynamic investment duo Marlon Nichols and Troy Carter met Gimlet Media Founders Alex Blumberg and Matthew Lieber, shortly after the media company was founded. Fast forward to today, that investment turned a profit of $230 million dollars.
Spotify has changed the content creation game, as one of the few audio companies whose platform allows users to create, distribute, upload music and now host podcasts. Spotify recently snagged Anchor, for an undisclosed amount as it continues to grow its podcasting content. The company already has an impressive lineup of popular podcasts from Jemele Hill to Amy Schumer .
I’m very interested in seeing how the podcasting industry will evolve. I’m also looking forward to hearing more about the impressive moves both Nichols and Carter make in near future. Cross Culture Ventures definitely lives up to its name!