WPP to invest in Woven Digital

Advertising giant WPP announced on Thursday it has agreed to invest in Woven Digital, a US media company aimed at millennials.

The investment will be made through its Silicon Valley-based subsidiary WPP Ventures, which invests in new technology companies that benefit WPP’s clients and the company’s capabilities. Other investors include Institutional Venture Partners and H-14.

Woven, founded in 2010, produces and distributes pop culture content to nearly 50m monthly users targeting millennial men through its three brands Uproxx, Hitfix and the BroBible.

WPP said the investment continues its strategy of focusing on content, technology and data which differentiates it from its competitors.

WPP’s digital revenues were over $7bn in 2015, or 37% of the company’s total revenues of $19bn. The company said it had set a target for 40-45% of its revenues to come from digital content in the next five years.

WPP has previously invested in multiple digital content companies which target the millennial market such as Refinery29, Mitú, and All Def Digital.

It has also invested in Bruin Sports Capital, Courtside Ventures, VICE and the Weinstein Company.

Shares in WPP fell 0.77% to 1,541p at 1549 BST.