Los Angeles - Generate, an independent production and management studio "creating professional entertainment properties targeted at Millennials across all media platforms," announced on Wednesday that it has raised $6 million in its first round of financing, led by Velocity Interactive Group and MK Capital.

Founded in 2006, Los Angeles-based Generate has produced a number of Web and TV series, including "The Andy Milonakis Show" and "Wonder Showzen" for MTV.

The company is currently producing a number of Web series, including "Pink - The Series," "LaQuisha," based on a character from KROQ-FM's "Kevin and Bean" show, and "Knockers," from sketch comedy group and Generate client Good Neighbor.

Other management clients include Patton Oswalt, Janeane Garofalo and Fred Savage.

The company, which to this point has been privately funded, also said that co-founder Jordan Levin, former CEO of the WB Network, will become chief executive of Generate.

"The investment will enable us to grow beyond our initial vision and execute on our plan to offer creators the opportunity to use the web as a cost-effective place to develop, test and incubate ideas that have potential for other revenue generating platforms," said Levin.

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