Blog-hosting site Medium is closing its offices in New York and Washington, DC, and laying off 50 employees, mostly in sales, support and other business roles. The Bay Area-based company was created in 2012 by Twitter co-founder and former CEO Ev Williams as an alternative publishing platform. Williams announced that the cuts come as the company is “shifting our resources and attention to defining a new model for writers and creators to be rewarded.” It remains to be seen what that model will look like, but Williams has suggested it may be one that doesn’t rely on ad sales.
Medium, which was valued at $600 million less than a year ago, has raised about $132 million in funding. Backers include big names like GV, Andreessen Horowitz and Greylock Partners. The company raised a $50 million Series C led by Spark Capital in April.
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Article by PitchBook
