First Media backs MMC to widen media-for-equity reach
First Media has joined Mercurius Media Capital as a limited partner, adding a digital media operator to the fund's media-for-equity model for consumer and technology start-ups.
Mercurius Media Capital, known as MMC, said the move expands the media inventory and audience access available to companies in its portfolio. MMC invests by providing advertising inventory in exchange for equity, rather than supplying cash alone.
MMC launched with about USD $140 million in committed capital. The firm said it has deployed nearly USD $30 million across its portfolio.
Media-for-Equity
MMC positions its approach as a way for young companies to run major marketing campaigns without paying cash upfront. It pairs start-ups with media partners that can place ads across different channels. The fund takes equity stakes in return.
The firm already works with Sinclair Broadcast Group, TelevisaUnivision, and Atmosphere TV. First Media partnered with a large presence across social video and digital publishing, alongside television and out-of-home formats.
MMC said its portfolio companies will gain access to First Media's owned consumer audiences across digital and social platforms, as well as television and out-of-home channels. The fund did not name specific portfolio companies that will use the new inventory.
Audience Reach
First Media runs lifestyle and consumer-focused brands, including So Yummy, Blossom, Blusher, and BabyFirst. The company said it reaches more than 250 million followers globally through its owned brands and delivers over a billion monthly video views across platforms.
MMC said First Media brings a digitally native distribution footprint. The fund framed that as a way to broaden its range of audience engagement and distribution models for portfolio companies.
First Media said it works with consumer brands including HelloFresh, Kraft Heinz, Walmart, Mattel, and Unilever. The company operates across publishing, in-house production, media buying, and performance reporting.
MMC and First Media also highlighted commerce-led formats. The companies said MMC portfolio firms will be able to use First Media's "content-to-commerce capabilities, including shoppable content, performance marketing, and affiliate programs".
Capital Efficiency
The model sits alongside more traditional venture investing at a time when start-ups have faced higher costs of capital and tighter fundraising conditions than in the prior cycle. Media-for-equity structures have appeared in several markets over the past decade, particularly in Europe, as an alternative route for consumer brands and app-based services seeking scale.
MMC described itself as the first US-based media-for-equity venture fund. It said its founders include Satyan Gajwani and Piyush Puri, who have worked in media investments through The Times of India Group.
"One of the biggest challenges companies face is earning sustained attention and trust at scale," said Piyush Puri, Founding Partner of MMC. "First Media has built something rare: an audience that pays attention. By bringing First Media into the MMC family, we're giving portfolio companies access to distribution that would otherwise take years to build."
Multi-Channel Inventory
First Media described itself as a multi-platform company with content spanning lifestyle, food, parenting, and home. It said its content reaches consumers across social media platforms, streaming services, linear television, and out-of-home networks.
The company also pointed to the size of its media operations. It said it has nearly USD $1 billion in managed media and combines creative, production, and media buying in-house.
"We are thrilled to join MMC as an LP, as this partnership lets us extend our reach and our impact to innovators and companies who are creating products that matter to consumers," said Guy Oranim, CEO of First Media. "We're bringing more than just scale to MMC's portfolio companies, we're providing the relevance and trust necessary to convert attention into action.
MMC said it will continue to add media partners as it expands the range of advertising channels it can offer portfolio companies in exchange for equity.