BuzzFeed Funds Expansion By Raising $50 Million
The infusion of cash from Andreessen Horowitz the huge company for venture capital is the fifth funding round for BuzzFeed and elapses the four rounds, which took in a combined $46.3 million.
One of the partner’s at Andreessen said that more and more entertainment and news are distributed on social networks while being consumed on different mobile devices. It is our opinion that BuzzFeed will emerge as a preeminent media firm.
This investment is only a couple of months since talks were broken off between BuzzFeed and the Walt Disney Company.
BuzzFeed apparently had been asking for $1 billion, which Disney was not willing to even consider.
The $50 million Andreessen gave has BuzzFeed valued at about $850 million.
BuzzFeed is an emblem of what is good and what is bad in the ongoing digital age, where news accounts that are first-hand from far away countries live hand and had with, listicles that advertisers sponsor.
The financial results of the company were being closely held, but the analyst said the company was consistently profitable and will generate in the triple digits this year in revenue.
The company will expand news coverage with the new monies and BuzzFeed Life, which has a lifestyle section about food, style and parenting.
Ben Smith the editor in chief of BuzzFeed said they would look to double the foreign desk.
The amount of people in the lifestyle team will triple said company officials.
In addition, BuzzFeed will expand its unit on videos and recently entered a 45,000 square foot lot in Hollywood.