US news site Business Insider raises $12M in round led by Jeff Bezos
Business Insider has secured $12 million in a fresh round of funding, according to The Wall Street Journal (WSJ). The report also said the round was led by Amazon Chief Executive Officer (CEO) Jeff Bezos, wrote GeekWire.
Investors in the round are Institutional Venture Partners, RRE Ventures, and WSJ ex-publisher Gordon Crovitz. To date, the firm has raised a total capital of $30 million, the report detailed.
Founder Henry Blodget said the news website will use the new capital to beef up its workforce and to build out its subscription service in Europe, GeekWire said. Reuters noted that the company posted a $20-million revenue in 2013. Business Insider derives its earnings from advertisements, subscriptions, and its research tool called BI Intelligence, the report explained.
Blodget commented in an email: "We're stoked about the future of digital news and thrilled to have such supportive investors."
Business Insider was founded in 2007, Reuters reported.