BuzzFeed Plans Greater Expansion as Andreessen Horowitz Invests $50 million
BuzzFeed, the entertainment website will receive $50 investment from Andreessen Horowitz as was reported in its recent funding agenda. The new investment will value the company at $850 million.
Andreessen Horowitz, the venture capitalist firm with its investment of $50 million in BuzzFeed, will be beating the collective amount which the site could source in four of its earlier funding ventures.
This recent funding plan will help the site to engage in its strategy for doubling its revenue to $120 million this year. Chris Dixon who is a general partner at Andreessen Horowitz says the aim is quite possible to achieve as the site has been constantly profitable owing to the150 million of more visits which the site gets every month.
BuzzFeed had started more as an entertainment site that produced content like 'listicles' which was considered lightweight.
The co-founder of Andreessen Horowitz, Marc Andreessen, on Twitter announced the investment, and said that he is "tickled pink" talking about the newest venture of the capitalist firm. He added, "We are very excited to work with everyone at BuzzFeed to help them realize their dreams of a profoundly important new media institution."
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