Business Insider received an investment of $12 million from the book-selling billionaire in its recent round of funding. According to Chief Executive Henry Blodget, the company will use the money to hire more photographers and journalists along with pouring more money into the planned launch of U.K. Business Insider. Additionally, the company is looking to expand its advertising staff and subscription research offerings.
Growing each month
Business Insider has passed both Bloomberg L.P.’s news site as well as AOL’s Money and Finance on its way to drawing over 25 million unique visitors each month. It now ranks as the fourth largest business news site and has mobile apps for both Android and iOS according to comScore.
While Business Insider will not be profitable this year, it did see a profit in its last quarter. Its $20 million in revenue last year represents an 80% increase, and its lack of profitability is solely because the company wishes to expand quickly and dramatically. Thanks to Bezos, who purchased The Washington Post last year, that may just happen.
Bezos Expeditions was not the only firm to invest in Business Insider in this round of funding. It was joined by RRE Ventures, publishing executives Jim Friedlich and Gordon Crovitz, and Institutional Venture Partners. Each of those investors is simply upping their stake in Business Insider. not investing for the first time.
Comments from the Chief Executive of Business Insider suggest that the company is not looking to be purchased but rather a driving force in business news reporting.
“We’ve proven the concept. Now we have a huge, global, multi-decade growth opportunity ahead of us,” Mr. Blodget said in an email.
Business Insider coming into its own
That concept is providing both Business News and Oscar coverage when March rolls around each year. For over seven years, BI has raised over $30 million but this is by far its record round.
“Back when we started the company, everyone thought content was a terrible business, so only a few brave souls wanted to invest,” Mr. Blodget wrote. “Now there’s plenty of money out there, but we’re happy taking things a year or two at a time.”
Business Insider’s staff is rapidly approaching 150 people with 70 of them journalists.