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BuzzFeed raises USD50m for expansion

Monday, August 11 15:42:23

Online media firm BuzzFeed has raised $50m (£30m) of new funding from venture capital firm Andreessen Horowitz, which sees the US startup becoming a "preeminent media company” in the future.

The round takes BuzzFeed's total funding to $96.3m since 2008, with the company reportedly planning to invest more in online video, acquisitions and an in-house incubator for technology startups.

BuzzFeed joins Facebook, Twitter, Skype, Pinterest and Foursquare in Andreessen Horowitz's portfolio, with general partner Chris Dixon joining the company's board as part of the round, which values BuzzFeed at $850m.

Dixon announced the investment in a blog post. "Many of today's great media companies were built on top of emerging technologies. Examples include Time Inc. which was built on colour printing, CBS which was built on radio, and Viacom which was built on cable TV," he wrote.

"We're presently in the midst of a major technological shift in which, increasingly, news and entertainment are being distributed on social networks and consumed on mobile devices. We believe BuzzFeed will emerge from this period as a preeminent media company."

For more visit: www.businessworld.ie