Atlas Obscura looks to raise $10 million at a $24 million valuation with help from smaller investors in a tough market
Travel publisher Atlas Obscura is in the process of raising $10 million in an investment round that includes 20 returning investors – and for the first time, smaller investors participating through the venture capital investing platform OurCrowd.
Atlas Obscura CEO Warren Webster told Digiday last year that the media company wouldn’t go through another fundraising round until it reached profitability amid a tough media market. In an interview for this story, Webster declined to say whether the company turned a profit last year but noted it did at least “break even” in 2023. And even though market conditions haven’t improved all that much, the company has gone ahead with the current fundraising effort due to its own business growth in 2023, Webster said.
According to Atlas Obscura’s page on OurCrowd, the publisher forecasted a 19% revenue increase in 2023 over the prior year. Webster declined to share how much revenue the company made last year, citing ongoing accounting procedures. The company was on pace to generate $24 million in revenue in 2023, Adweek reported in August. Webster previously told Digiday that the company generated $18 million in revenue in 2022. (For the record, a 19% increase over $18 million would equal $21.4 million.)
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Source:: Digiday
