WPP is the world’s largest communications services group. WPP stems from “Wire and Plastic Products”, a UK manufacturer of wire baskets which became the foundation company in which Sir Martin Sorrell invested following his search for a public entity through which to build a worldwide marketing services company. WPP has invested in Gimlet Media.
WPP announced that it invested $5 million (USD) for a minority stake in Gimlet Media Inc. Gimlet is an award-wining global podcasting company based in the US. It is based in Brooklyn New York, was founded in 2014, and employs 85 people.
The investment continues WPP’s strategy of focusing on three key areas that differentiate the Group’s offering to clients: technology, data, and content. The Group has invested in digital content companies like Russell Simmons’ All Def Digital, Fullscreen, Indigenous Media, Imagina (a content and media company based in Spain), MRC, Mic, Mitú, Refinery29, Uproxx Media Group and VICE.
About a month previous to WPP’s investment, Gimlet Media raised $15 million in Series B financing led by investment firm Stripes Group. Recode reported that previous to that $15 million, Gimlet had raised $7 million. It looks like Gimlet Media is doing quite well!