Business Insider said it raised an additional $12 million in funding from investors including Amazon.com Inc Chief Executive Jeff Bezos, reports WSJ.
The site plans to use the money for growth efforts including hiring more journalists and photographers as well as to help finance a launch into the U.K., Business Insider Chief Executive Henry Blodget said. The money will also go to expanding the site's subscription research and advertising staff.
Business Insider generated just under $20 million in revenue last year, an 80% increase from a year earlier, according to a person familiar with the company, reported WSJ.
The latest funding round is Business Insider's largest to date, and brings the total amount raised over seven years to $30 million.
Business Insider's staff had grown by around 40% over the last year to 140 people, including roughly 70 journalists.
What would we all do without the great insights of The Business Insider?
ReplyDeleteJoe Weisenthal — A Depressingly Simple Explanation For The Weak Recovery
Why is the economy so weak? It's simple: Inequality. Income gains for the 95% have been meager for a long time, but up until the crisis, households could take on debt to compensate. Now credit has been harder to come by, and so household buying power is limited....Mediocre income gains for the 95% and no easy access to credit to compensate for that. Depressingly simple.
http://mikenormaneconomics.blogspot.com/2014/03/joe-weisenthal-depressingly-simple.html
Who the hell is in charge over there anyway?
ReplyDelete