Harvard Publishing announced Tuesday that it will raise $40 million in a new round of funding, bringing its total investment to $3.3 billion.
The announcement comes after a $300 million round of financing led by Tiger Global and Sequoia Capital led by Andreessen Horowitz earlier this year.
Harvard will continue to invest in its print business with the addition of more than 500 print-oriented publications and magazines, including the flagship journal, the Harvard Business Review.
This will help it expand into new digital-first categories including technology-enabled publishing, as well as content-driven journalism and content-focused digital news.
In addition to its print publications, the company will continue its digital investment with the purchase of a digital distribution arm called Penguin Random House.
That new investment will help ensure that Harvard’s digital offerings remain up-to-date and can serve as the backbone of the Harvard publishing portfolio.
The new deal includes the purchase and distribution of Penguin Random, a publishing division of the Penguin Group that will continue as a publishing arm of the company.
The move comes after the publisher spent more than $3 billion in 2014 to acquire the publishing division for $1.7 billion.
The publishing arm has expanded to include a digital arm called HBR Media.
The move will allow Harvard to further diversify its digital offerings to include new categories such as journalism, technology and news.
“Harvard Publishing’s print portfolio is one of the most diverse in the world, and the addition to the publishing arm will make it easier for us to continue to build and expand our digital platform and serve readers across the globe,” said Jeff Kwan, president and chief executive officer of Harvard.
“With this new investment, we will be able to accelerate our efforts to build a digital news platform that is uniquely Harvard’s and our readers’ preferred reading experience.
We look forward to building a future with a vibrant digital news ecosystem for readers around the world.”
The acquisition is the latest in a string of digital investments from the publisher.
Last month, it closed a $2.2 billion deal with The Atlantic that includes The New Yorker, The New York Times, The Washington Post, The Wall Street Journal, The Los Angeles Times, HarperCollins and The New Republic.
Harvest Media, the publishing unit of the publisher, is expected to continue as an independent company.
The company will retain the title of publisher and remain under the management of its existing board.