BuzzFeed, a fast-growing social news website, said Thursday it had
raised $19.5 million in a new round of funding from investors to help
The latest round was led by the venture capital firm
New Enterprise Associates and included previous investors RRE, Hearst,
SoftBank, and Lerer Ventures.
Michael and Kass Lazerow, co-founders of Buddy Media, joined the round as new investors, a BuzzFeed statement said.
company said it will use the capital to further mobile development,
expand geographically, increase its editorial team, invest in video and
"We have the senior management, board, and
investors we need to build the next great media company: socially
native, tech enabled, with massive scale," said Jonah Peretti, BuzzFeed
founder and chief executive.
"We are all focused on that big goal
and raised this capital to move even faster," said Jonah Peretti,
BuzzFeed founder and chief executive.
The company said that in
December it passed 40 million unique monthly visitors with growth driven
by social networks such as Facebook, Twitter and Pinterest, and mobile
accounting for over one third of all traffic.
It said revenue
increased more than threefold in 2012, largely from social advertising,
and its staff was boosted to 180 employees.
"We are laser-focused
on building a media company from the ground up for a world where social
is the dominant way people discover and engage with all forms of media,"
said Jon Steinberg, BuzzFeed president and chief operating officer.
"That means re-imagining and re-inventing editorial, advertising, and publishing technology."
got its start with a cult following with links to oddball videos and
offbeat stories. But last year it hired star political reporter Ben
Smith from Politico in a bid to produce more original content and send
The company also recently hired Jeff Greenspan from Facebook and BBDO as its first chief creative officer.