Next 10 Ventures said it has raised $50 million of financing. Its fund will focus on content creators and the firm is founded by Benjamin Grubbs, formerly global director of top creator partnerships at YouTube.
A press release follows:
Former YouTube Exec Launches Next 10 Ventures, a $50M Operating Fund for the Creator Economy
Accelerates growth of creator-based content, commerce and community in the North America and Asia Pacific regions
LOS ANGELES, Calif. and SINGAPORE (May 16, 2018) – Next 10 Ventures, the first vertically integrated operating fund focusing on content creators, announces it has secured US$50 million in financing. The company will start deploying its capital and management expertise to develop new businesses and technology services centered around the Creator economy that has emerged in the past decade from the mass adoption of digital video and social media platforms.
Benjamin Grubbs is the Founder & Chief Executive Officer of Next 10 Ventures. Mr. Grubbs has worked closely with Creators as the Global Director of Top Creator Partnerships at YouTube and in other leadership roles at Google, Turner Broadcasting, eBay and Yahoo!. Mr. Grubbs is joined by Paul Condolora as the company’s Chief Operating Officer. Mr. Condolora led digital and consumer products at Cartoon Network and Adult Swim, and was the co-head of the Harry Potter franchise at Warner Bros. prior to joining Next 10 Ventures.
“Over the past five years, I have seen firsthand the immense growth of the Creator economy in terms of reach, consumer engagement, and commercialization,” said Mr. Grubbs. “We forecast the global creator economy excluding China to reach $23 billion this year, driven by tens of thousands of creators who make a living on digital video and social platforms. This scale affords our company ample opportunity to build assets that produce meaningful value in the years ahead.”
Next 10 Ventures’ mission is to enrich, inspire and entertain its core audience of kids and young adults. The company will pursue partnerships and opportunities in video content and IP creation, eCommerce, and community-based products and services. Each venture’s investment size will match seed capital to early-round levels, and will vary based on the business opportunity. One of the upcoming ventures will be a video content fund focused on education Creators.
“I have been fortunate to work with creative entrepreneurs for more than a decade. Next 10 Ventures is the culmination of numerous discussions with creators on their desire to partner with a company that offers financing, industry expertise and a path forward to realizing their goals,” said Mr. Grubbs.
About Next 10 Ventures
Next 10 Ventures is an operating and investment company focused on incubating and accelerating new businesses, content, products and services for a global consumer base. Our mission is to enrich with learning, inspire with creativity, and entertain with meaningful content for kids and young adults via the investments and partnerships we establish with Creators. The company was incorporated in March 2018, with offices in Los Angeles and Singapore.