BuzzFeed Raises Another $50 Million To Fund Expansion

BuzzFeed Raises Another $50 Million To Fund Expansion

By CNN on August 11, 2014
Photo Credit: Netloid

BuzzFeed just received another $50 million to help it become, in the words of one of the investors, “a preeminent media company.”

The cash infusion, from the giant venture capital firm Andreessen Horowitz, is BuzzFeed’s fifth round of funding. It easily eclipses the four prior rounds, which raised a combined $46.3 million.

“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,” Andreessen Horowitz partner Chris Dixon wrote in a blog post describing the investment.

The investment comes a few months after talks fell apart between BuzzFeed and a potential buyer, The Walt Disney Company (DIS). BuzzFeed was “said to have sought upwards of $1 billion,” a price tag that Disney was unwilling to consider, according to Fortune, which was the first to report on the talks in April.

Other news accounts at the time said BuzzFeed valued itself at “nearly $1 billion.”

The $50 million from Andreessen Horowitz values BuzzFeed at “about $850 million,” according to The New York Times, which was the first to report on the new funding round. (Amazon (AMZN, Tech30) founder Jeff Bezos bought The Washington Post last year for $250 million.)

Read More


Leave a Comment

To leave a comment anonymously, simple write your thoughts in the comments box below and click the ‘post comment’ button.