Generate, a next-generation production and management studio, announced that it has secured $6 million in its first round of financing. The influx of capital will help the firm expand its focus of creating professional entertainment properties targeted at Millennials across all media platforms with an emphasis on exploiting opportunities in the digital landscape. The round was co-led by Velocity Interactive Group, the digital-media investment firm headed by former News Corp. and AOL executives, Ross Levinsohn and Jonathan Miller respectively, and MK Capital, led by Mark Terbeek.
Already an industry leader in cross platform content development and production via its landmark exclusive agreement with MTVN, Generate will move aggressively to seize opportunities resulting from the rapidly changing entertainment landscape. In addition to leveraging its web savvy talent roster, Generate will use its independent, digital production capabilities and entertainment industry expertise to create professional, quality content that can migrate from broadband to television, film, publishing and beyond as well as develop creative concepts to integrate into the advertising, technology and entertainment communities.
“The opportunity to partner with digital media visionaries like Ross, Jon and Mark will be invaluable as Generate continues to push the boundaries of professional digital content through the development of targeted franchise properties attractive to advertisers that will live on multiple platforms,” said Jordan Levin, CEO Generate. “The investment will enable us to grow beyond our initial vision and execute on our plan to offer creators the opportunity to use the web as a cost-effective place to develop, test and incubate ideas that have potential for other revenue generating platforms.”
Generate also unveiled an initial digital production slate that includes the next installment of Pink – The Series (www.pinktheseries.com), the hit web series about a female assassin shot as a live action graphic novel which has served over four million views since its launch in September 2007. In addition to the acquisition of Pink, Generate is producing two web comedies LaQuisha, based on the character created by Ralph Garman and featured on KROQ’s Kevin and Bean show and Knockers, from sketch comedy group Good Neighbor.
“Generate represents the wave of the future for production and management companies,” said Ross Levinsohn, Velocity Interactive Group. “The management team led by Jordan, has been able to successfully build upon its traditional media track record to score in the digital media world with original web hits like ‘HPC’ as well as innovative work for brands like American Eagle Outfitters. They understand their audience and how to reach them on multiple platforms.”
“The market opportunity for Generate is excellent, with broadcast and cable networks reinventing their development process and brands seeking alternatives to the 30 second spot,” said Mark Terbeek, MK Capital. “Jordan and his team understand the needs of the marketplace, have great taste in content and have demonstrated their ability to leverage digital technology to deal with an industry in flux. We’ve been fans of Jordan ever since his days at The WB, where he was integral to the success of shows like ‘Dawson’s Creek,’ ‘Buffy the Vampire Slayer’ and ‘Smallville.'”
As part of the financing, company co-founder Levin, former CEO of the WB Network, will become CEO of Generate. Founding partners Dave Rath and Kara Welker will continue to run the management arm of the company, along with partner Jared Hoffman who joined Generate last January from CAA. Founding partner Pete Aronson will serve as head of creative affairs responsible for the company’s development and production activity across all distribution platforms. Partner Ivana Ma, whose technology and digital media venture-capital background contributed to securing this round of financing, will serve as head of new media, overseeing all digital activities. Matt Winslow, who joined Generate this past July after serving as vice president of business development for local ad agency Ignited Minds, serves as vice president of marketing. The company had also promoted Anne Hong to manager.
Formed in 2006 by leading entertainment executives with diverse expertise in television, film, digital and talent management, Generate was one of the first companies to recognize the shift in media consumption to the digital platform and the resulting need for professionally produced content. Generate’s slate of original web series includes the critically-acclaimed comedy Home Purchasing Club for VH1’s Vspot and TV series like “The Andy Milonakis Show” and “Wonder Showzen.” The company is currently prepping the first season of “Somebodies,” BET’s first original scripted series. Generate’s strong comedy talent roster, including the Blame Society, Clark Duke, Trevor Moore, Improv Everywhere, Stuckey & Murray, Jon Daly, Katherine Grace and Good Neighbor, has made it a leading supplier of web video for comedy destinations. Additionally, Generate has mounted a number of live comedy franchises including The Comedians of Comedy and SF Sketchfest. Generate is currently working with Fremantle and Ogilvy & Mather to develop branded entertainment properties and is consulting for toy company WowWee among others. Generate was privately funded prior to closing this first round of venture capital.
About Generate
Generate (www.generatela.com) is an independent production and management studio creating professional entertainment properties targeted at Millennials across all media platforms with an emphasis on exploiting opportunities in the digital landscape. Launched in early 2006, Generate is the first production and management studio established by media leaders with a proven track record with young audiences and blue-chip advertisers to create content across multiple platforms embraced by young adults. Management clients include Patton Oswalt, Janeane Garofalo, Fred Savage, Brian Posehn, Al Madrigal, Adam Rifkin, Dave Reynolds, Chatman & Lee, Christian Finnegan, Arj Barker and Jon Reep.
About Velocity Interactive Group
Velocity Interactive Group (www.velocityig.com) is a leading investment firm that focuses on digital media and communications. The firm brings a unique approach to investing by bringing not just financial capital, but also human capital to its investment companies. Velocity Interactive Group has a global presence in Palo Alto, Los Angeles, New York, India and China.
About MK Capital
MK Capital (www.mkcapital.com) is a venture capital fund that invests in software, digital media and outsourced services. The Managing Members of MK Capital have managed six venture funds and over $300 million of capital in the past twelve years. Each of the Fund’s principals has substantial operating experience and a proven track record of helping small business grow successfully. The General Partner group has demonstrated its exceptional commitment to the Fund’s success by being the largest investor in MK Capital. To date, the Fund has made eleven investments. Each of these companies is consistent with our strategy of investing in businesses whose software or outsourced service dramatically improves business efficiency or effectiveness.
