BuzzFeed, a New York-based news website, closed $50m in Series E funding.
Andreessen Horowitz made the investment and, in conjunction with it, Chris Dixon, general partner at Andreessen Horowitz, joined BuzzFeed’s board of directors (reas his post here). Kenneth Lerer, BuzzfFeed’s co-founder, will become the executive chairman.
The company intends to use the funds to build its brand, scale its business, grow traffic and revenue on the web and mobile.
According to a note, the editorial team will become BuzzFeed News, Buzz, and Life. The video division will become BuzzFeed Motion Pictures and will, in addition to its existing short form, focus on all moving images from a GIF to feature film and everything in between. All of its branded offerings for advertisers will be centralized into one group, BuzzFeed Creative.
The company will also launch a new distributed division to create content off BuzzFeed to scale the social web while BuzzFeed International will expand to India, Germany, Mexico and Japan this year.
Led by Jonah Peretti, Founder and CEO, BuzzFeed provides shareable breaking news, original reporting, entertainment and video across the social web to a global audience of 150M.
FinSMEs
11/08/2014