According to Variety, Mic, a digital news and lifestyle media startup targeting millennials, has raised $21 million in Series C financing from investors including Time Warner.

The round was led by previous investor Lightspeed Venture Partners, with participation from Time Warner Investments, Kyu Collective and You & Mr. Jones. Other backers have included Axel Springer, Advancit Capital and Lerer Hippeau Ventures.

Mic was born out of the recognition that the old models of journalism had become less engaging and relevant. While maintaining the rigor and commitment to original reporting and championing essential fact-finding, Mic has sought to give voice to critical news stories from modern and diverse perspectives.