News and Entertainment site BuzzFeed has raised a USD 50 million of new funding from Silicon Valley venture capital firm Andreessen Horowitz.
The business deal was first reported by the New York Times.
With the development, BuzzFeed’s total funding has gone up to USD 96.3 million since 2008. The online media firm has joined social network forums including Twitter, Facebook, Skype, Foursquare and Pinterest in the portfolio of Andreessen Horowitz.
Andreessen Horowitz decided to invest in the US startup seeing its potential of becoming a ‘preeminent media company’ in the coming times. The investment gives BuzzFeed a valuation of USD 850 million, according to NYT report.
In his blog post on Sunday evening, Andreessen Horowitz general partner Chris Dixon wrote:
“BuzzFeed attracted the venture capital investor’s attention by being a ‘full stack startup’, a company that takes a new approach to a service or product that bypasses existing companies.”
BuzzFeed: The viral content start-up
- A web traffic sensation, BuzzFeed, attracts about 150 million average viewers monthly.
- The online site is most famous for its numbered lists, which drive much of its audience.
- BuzzFeed has many expansion plans including more investment in online video, acquisitions and an in-house incubator for technology startups.
- Online media firm wants to be known for much, much more.
Dixon, who will join the board of directors of BuzzFeed, further wrote:
“We are 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.”
BuzzFeed, the New York-based media company founded in 2006, tracks the online audience and serves its 150 million average monthly viewers with contents that are most searched on the Internet.
With its workforce of 200 editorial employees, BuzzFeed plans high-quality content in the coming years. The news and entertainment portal is consistently making a good business and the deal is set to l generate ‘triple digit millions in revenues’ in 2014.