NewsCred nabs $25M in Series C round led by InterWest Partners
Content marketing platform NewsCred obtained $25 million for its Series C round. The financing was led by InterWest Partners. Existing investors like Mayfield Fund, FirstMark Capital and IA Ventures also joined in the round. In March last year, the company was able to secure $15 million to bring its previous funding total to $20 million, a company statement said.
With offices in New York, London and Dhaka, NewsCred was founded in 2008 by Shafqat Islam, Iraj Islam and Asif Rahman. By partnering cutting-edge software with top content, NewsCred is able to transform brands to storytellers. Its Content Marketing Cloud allows brands to access the biggest content marketplace in the world, which includes licensed content coming from more than 4,000 publishers as well as original content from the company's award-winning journalist network.
As part of the deal, Doug Pepper of InterWest Partners will join the board of directors at NewsCred. The company said it will use the proceeds of the funding round to scale its worldwide operations aggressively, focusing on sales, technology and product development, the statement said.
NewsCred said its customer base tripled last year as its revenue rose 400%. Demand from global Fortune 500 clients like Procter & Gamble, Blue Cross Blue Shield, Capgemini, General Electric, Visa, Xerox, Johnson & Johnson, The Heart Corporation, AIG and Time Inc also increased. The company has 120-strong workforce spread out in its offices globally.
NewsCred Chief Executive Officer and Co-Founder Shafqat Islam said in the statement, "Consumers expect hyper-relevant content, 24/7, wherever they are. Marketers need to meet that relentless demand by creating engaging content with simplicity, speed and scale. To deliver against this need, we've built the first end-to-end content marketing solution. By combining cutting-edge software and quality content, we've created a platform that changes the game for marketers. Today's funding is the latest support for our vision and leadership in this increasingly complex industry. We're thrilled to have InterWest Partners on board and Doug's expert guidance in this next chapter."