Changes are coming for millennial-targeted publisher BuzzFeed. The company announced on Monday that it received $50 million in series E funding from venture capital firm Andreessen Horowitz and planned to restructure the company with the funds.
"Today we think the time is perfect to grow our company, build our brand and greatly increase the content we are producing so we can be the number one digital media brand. The investment from Andreessen Horowitz will allow us to double down on our company's mission by creating a new organization and expand rapidly in all areas," BuzzFeed CEO Jonah Peretti said in a statement.
BuzzFeed's editorial division will now be grouped under three categories—news, buzz and life—while all of its native ad efforts will fall under the BuzzFeed Creative category. All videos will fall under the BuzzFeed Motion Pictures arm, which will soon encompass mid- and feature-length projects in addition to its staple of viral clips and GIFs. A new section called BuzzFeed Distributed, led by managing editorial director Summer Anne Burton, will handle distributing its content across social platforms including Tumblr, Imgur, Instagram, Snapchat, Vine and other messaging apps. The company also announced plans to bolster its global reach with offices in India, Germany, Mexico and Japan sometime this year.
To oversee the new teams, BuzzFeed added some seasoned veterans to its top ranks, including Andreessen Horowitz's general partner Chris Dixon, who will be joining the board of directors. In a blog post, Dixon said he saw the publisher as a "full stack startup," and was looking forward to helping them grow their potential. Co-founder Ken Lerer will become executive chairman and advisor, and will work with Peretti on the direction of the company. Lerer added that the company will be pushing mobile, video, social and tech, echoing its sentiments at this year's Newfronts.
"Expanding BuzzFeed's business across each of these areas is the key to the future. With distribution fully built out, content is the future and this expansion will allow us to create more and more content across the social Web,” Lerer stated.