Jason Lee’s Hollywood Unlocked Inc. has secured new investors for its expansion within the media industry.
On Jan. 18, the pop culture platform announced it has raised $1.7 million in seed funding, according to a press release.
The new funding is said to bring its valuation to over $50 million.
Among the participants in the round were Hidden Empire Film Group, Brown Venture Group, and Black Capital. Additionally, institutional investors included Bracket Capital and Intuition Capital.
“It’s important for us to find partnership with investment groups that share a similar vision in uplifting marginalized voices in entertainment that are shifting our culture forward,” Lee said, according to the press release. “We are extremely grateful for our partners at Hidden Empire Film Group, Brown Venture Group and Black Capital and look forward to what is ahead.”
The press release details that the funding will go toward further developing Hollywood Unlocked’s technology, business, and operations.
The expansion is set to feature the launch of Millionaire Media Unlocked, provide more opportunities for underserved youth through the Hollywood Cares Foundation, and create a new talk show format “to drive momentum around pop culture’s biggest moments.”
“We are thrilled to invest in Jason Lee and his larger purpose and vision as a Black entrepreneur. He’s the real deal,” said Chris Brooks, Co-Founder of Brown Venture Group.
“As Hollywood Unlocked’s visionary, Jason’s accomplishments and mission resonates with a broad and engaged consumer base, and we are excited to see what he has in line for the future,” Kevin Johnson, Founding and Managing Partner of Black Capital added. “When I envision the future of media, I see Jason at the helm as a disruptor and innovator pushing our narrative forward.”
As for the platform’s current content, “Hollywood Unlocked with Jason Lee” hits over 550 million impressions per month, the press release notes.
As of this writing, its Instagram page has 3.2 million followers.