Backdrop of Macro Expansion Driving Strong Market Activity

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Key Themes We Are Watching

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Market Volatility From Recent Headwinds

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Backdrop of Macro Expansion Driving Strong Private Valuations and Activity

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The Ken (July 18, 2018)

$1.5M Series A

The Athletic (May 29, 2019)

$21.8M Series C1

The Block Crypto (June 05, 2018)

$2.0M Seed

Underdog (September 01, 2017)

$0.8M Series A

Scroll (October 25, 2018)

$7.0M Series A

Correspondent (May 14, 2018)

$1.0M Early Stage Investment

The Athletic (October 30, 2018)

$40.0M Series C

Group Nine (November 28, 2017)

$40.0M Early Stage Investment

News Deeply (July 18, 2017)

$5.0M Seed

Group Nine (November 28, 2017)

$40.0M Early Stage Investment

News Deeply (July 18, 2017)

$5.0M Seed

Upcomer (September 10, 2018)

$2.4M Seed

Axios Media (November 17, 2017)

$20.0M Series B

The News Lens (March 23, 2017)

$2.5M Series B

Ozy Media (January 24, 2017)

$12.0M Series B

Dailyhunt (October 15, 2016)

$25.0M Series D

Cheddar (March 26, 2018)

$22.5M Series D

The Young Turks (August 08, 2017)

$20.0M Series B

ChatterOn (December 21, 2016)

Undisclosed Seed

Scroll (November 15, 2016)

$3.0M Early Stage Investment

Newslaundry (February 22, 2016)

$0.6M Early Stage Investment

The Athletic (March 05, 2018)

$20.0M Series B

Raze (January 20, 2017)

$5.0M Series A

IDN Times (September 05, 2016)

Undisclosed Series A

NowThis (December 08, 2015)

$16.2M Series D

Rappler (November 04, 2015)

Undisclosed Series A

TuneIn (August 11, 2017)

$50.0M Series G

theSkimm (September 26, 2016)

$8.5M Series B

Rappler (November 04, 2015)

Undisclosed Series A

Mic (June 02, 2015)

$17.0M Series B

EdSurge (October 23, 2015)

$2.8M Series A1

OMG Digital (June 26, 2017)

$1.1M Seed

Media Startup X (Sep 06, 2016)

$10.0M Early Stage Investment

The News Lens (May 26, 2015)

$3.0M Series A

Business Insider (February 02, 2015)

$25.0M Series G

Hivisasa (June 01, 2015)

$0.5M Later Stage Investment

Cheddar (May 17, 2017)

$19.0M Series C

Axios Media (January 01, 2016)

$10.0M Series A

Rappler (May 01, 2015)

Undisclosed Seed

Cheddar (September 06, 2017)

$10.0M Series B

News Deeply (April 01, 2015)

$2.5M Seed

Dailyhunt (February 09, 2015)

$40.3M Series C

Notable Investors in Digital News (2015 – Present)

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Selected Digital News Financing Transactions (2017 – Present)

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Selected Digital News Financing Transactions (2017 – Present) (Cont.)

Could The Digital News Sector Be Ripe For Further Consolidation?

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Largest Disclosed Transactions ($M) (Acquirer / Target)

Nikkei / Financial Times

($1,300)

Meredith / Time Inc.

($2,800)

Benioff Family / Time

($190)

FiscalNote / CQ Roll Call

($180)

Future / SmartBrief

($45)

Cision / PR Newswire

($841)

NASDAQ / Marketwired

($108)

Bytedance / News Republic

($87)

Euromoney / The Deal

($87)

Maven / TheStreet

($17)

Axel Springer / Business Insider

($343)

IG Group / DailyFX

($40)

Uzabase / Quartz Media

($75)

Polemos / Digitalbox

($13)

Contact Us San Francisco160 Spear Street, Suite 1230, San Francisco, CA 94105

New York12 East 49th Street, 11th Floor, New York, NY 10017

Selected Disclosed Precedent Investments (2019 – Present)

08/05/19 SmartNewsProvider of a news discovery platform intended to discover and

deliver latest stories.

Development Bank of Japan, Japan Post,

SMBC Venture CapitalSeries A 28.0 1,100.0

07/18/19Maiyou

Technology

Developer of a news app focusing on entertainment, lifestyle and

sports information, enabling users to enjoy their favorite content.Undisclosed Series A -- --

07/22/19 SubstackProvider of a subscription publishing platform intended to

generate money from newsletter subscription.Andreessen Horowitz, Y Combinator Series A 19.1 48.7

07/13/19 TMTPostOperator of a media company intended to provide technology and

business news.Shanda Group Undisclosed 14.6 --

07/09/19 AfroAvenueOperator of a social e-commerce platform intended to create a

digital destination for the urban community.Undisclosed Undisclosed 1.0 --

06/19/19 Guokr Operator of an online platform publishing popular science articles. Baidu Ventures Undisclosed -- --

06/19/19 Knowingly Developer of an internet publishing platform. Undisclosed Series A2 3.2 14.2

06/10/19 UpcomerDeveloper of esports gaming applications designed to make it easy

and more engaging to follow esports.Konvoy Ventures Undisclosed -- --

05/29/19 The AthleticProvider of a subscription based sports media platform designed to

offer in-depth sports coverage and related information.Advancit, BDMI, Founders Fund, Comcast Series C1 21.8 328.8

05/29/19ChainNews

(China)

Operator of a news platform that provides daily information about

blockchain.Milestone VC Seed Round -- --

05/23/19 Refinery29Provider of a media and entertainment platform intended to offer

feminocentric digital content.

Discovery, Stripes, WarnerMedia, WPP

VenturesUndisclosed 8.0 --

Selected Disclosed Precedent Investments (2019 – Present) (Cont.)

04/12/19 6AM CityProvider of a publishing technology platform designed to develop a

scalable network of hyperlocal media properties.SC Launch Undisclosed 0.2 --

04/09/19 ClozetteOperator of an online platform designed to offer news and latest

community trends in fashion, beauty and stylish living.Cool Japan Fund Series C 10.0 --

04/04/19 TruePublicDeveloper of crowd-sourced opinion platform designed to discover

real-time reactions around news and events.Undisclosed Undisclosed 2.0 --

03/19/19 6AM CityProvider of a publishing technology platform designed to develop a

scalable network of hyperlocal media properties.Undisclosed

Angel

(individual)0.2 --

03/13/19 NewselaDeveloper of an e-learning platform designed to offer student-

tailored daily news articles online.New Ground Ventures, TCV Series C 50.0 210.0

03/13/19 MachaaoDeveloper of a sports platform intended to provide a personalized

experience to every cricket fan across the world.Brand Capital Undisclosed -- --

03/11/19 I AM POPDeveloper of a messaging platform designed to connect the

audience with music makers.Undisclosed Undisclosed 2.3 --

02/01/19Xiaobu

Network

Provider of media content applications platform in the Southeast

Asia region.Qiming VP Series B 12.0 --

01/08/19 IDN TimesProvider of a news and entertainment portal intended to become

voice of millennials and Gen Z.

EV Growth, Line Ventures, True Digital

GroupSeries C -- --

01/02/19The

CyberWire

Provider of a community-driven cyber security news service

intended to offer concise and relevant daily briefings.DataTribe Undisclosed 1.4 --

01/01/19 AdAge IndiaOperator of publishing agency intended to provide news, analysis

and inspiration for the marketing and media community.Times Bridge Undisclosed -- --