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Jim Heckman's Maven was losing millions last year, SEC filing shows - Business Insider

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The company that took control of Sports Illustrated just raised $20 million after 'substantial doubts' that it would continue as a going concern

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Maven, the startup that just took over Sports Illustrated's operation, was showing substantial losses last year. Management expressed "substantial doubt" that the company could continue through 2019, according to an SEC filing from August.CEO Jim Heckman says that he foresees the company being profitable in 2020.Maven, the startup founded in 2017 by Jim Heckman as an independent publisher platform, was sustaining heavy losses as of last year, according to a quarterly SEC filing.

As of July 2019, the company had raised about $112.8 million, but still didn't have enough resources to fund its operation through June of 2020, according to the filing. Serial entrepreneur Heckman founded Maven in 2017 as a platform to help independent publishers compete in a Facebook- and Google-dominated digital ad market. Maven is in the spotlight now having recently licensed the right to operate Sports Illustrated from ABG, a branding, marketing and entertainment company that bought the title from Meredith Corp.

 

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