Buzzfeed has closed its fourth round of funding at $19.3 million. The latest round brings the social news website and media property, known for inspiring lolz ‘round the globe, to a total of $46 million raised since it was founded by Huffington Post co-founder Jonah Peretti in 2008.
Speaking of the Huffington Post, Jason Del Rey of AdAge points out that, as of this latest investment, Buzzfeed has raised more money than the Huffington Post, prior to HuffPo being acquired by AOL. The round was led by NEA, with participation from Lerer Ventures, Hearst Ventures, Softbank and RRE—all previous investors. Michael and Kass Lazerow of Buddy Media also participated.
Del Rey reports that “Buzzfeed will use the new money to expand internationally, improve its mobile products, hire more writers and editors — of which it already employs 70 — and invest in beefing up its video efforts.” He adds, however, that a source familiar with Buzzfeed’s finances says that the company still has yet to touch any of the $15.5 million from their last investment round last year. He says, “That fact seems to indicate that Buzzfeed has even bigger plans in the works than it is letting onto now.”
Over the past year, Buzzfeed has ramped up coverage in areas including politics, tech and lifestyle and are planning to expand into business coverage in the coming year. They’ve also made a big push with their original online video efforts over the past year, with a number of original Buzzfeed clips going viral on YouTube, including a Gangnam Style/Nicki Minaj mashup, a hilarious guide to holiday etiquette, a look at some OMGWTFLOL YouTube comments and more.
Check out mediabistro’s Media Beat interview with Jonah Peretti from last year below, in which Peretti talks about the expansion of the site.
Megan O’Neill is the resident web video expert here at Social Times. Megan covers everything from the latest viral videos to online video news and tips, and has a passion for bizarre, original and revolutionary content and ideas.