ITV, Discovery Bank on New Form

New Form, an entertainment studio with an array of digital distribution deals under its wing, announced this week that it has raised a $18 million “B” round from ITV and Discovery Communications

ITV is taking a minority stake and forging a strategic partnership with New Form that will bring certain content properties from New  Form to the ITV Hub starting next year. Discovery is adding to its earlier investment in New Form.

Update: With the B round factored in, New Form has raised total funding of about $30 million, the company confirmed.

New Form said the new funds will be used to further invest in development and production model, expand internationally and invest in “social programming.”

New Form said it has produced 30 pilots and sold 20 of them since launching in 2014. Its existing distribution partners include CW’s The Seed, Refinery29, YouTube Red, Fullscreen and Go90, among others.

“This investment marks a significant validation of New Form’s focus and creative output over the last two years,” Kathleen Grace, New Form CEO,  said in a statement. “Our vision for storytelling, our understanding of the audience and our unique production process, coupled with our track record with finding like-minded distributors, has made us the most prolific studio in the business and we are thrilled to have ITV and Discovery as partners for New Form’s next chapter.”

New From said LionTree Advisors acted as exclusive financial advisor, and Stubbs Alderton & Markiles LLP acted as legal advisor on the deal. Squire Patton Boggs acted as legal advisor to ITV on the transaction.