Mashable closes Series A round with $14M
Mashable has secured a total of $14 million for its Series A funding round, a statement about the funding said.
This is the first financing round for the news and social media company focused on the Connected Generation since it was established in 2005. Mashable initially closed the Series A round in January with $13.3 million. Updata Partners led the round which was also participated in by New Markets Venture Partners, Social Starts, Buddy Media Co-Founders Michael and Kass Lazerow, Iglo Group CEO Leoni Sceti and One Young World Founder David Jones. The round was finally closed with the investment of Tribune Digital Ventures or TDV, the statement said.
Mashable Founder and Chief Executive Officer Pete Cashmore, "Tribune Digital Ventures' leadership has roots and expertise in both technology and media, and we're thrilled to have them on as investors. Their focus on premium content and digital advertising, across all platforms, aligns well with our core values and strategy."
For this year, Mashable added new members to its team. This included its first Climate Reporter Andrew Freedman, Real Time News Editor Brian Ries and Travel Editor Jessica Plautz. By forging alliances with blue chip clients, it has expanded its advertising sales quite quickly. It will also expand by putting up a new headquarters in New York. Moreover, it will also continue its expansion plan in Los Angeles as well as London, the statement said.
Mashable is considered one of the most influential online communities with 34 million unique site visits from around the world. It also boasts of 14 million social media followers.
Tribune Digital Ventures President Shashi Seth said in the statement, "We are very excited to play a role in the future of Mashable, a leading source of news and information for the connected generation. Tribune Digital Ventures looks forward to collaborating with the talented folks at Mashable and assisting with the company's growth."