Venture Capital firm Andreessen Horowitz is investing $50 million in BuzzFeed, the social news and entertainment website known for producing advertising-sponsored “listicles” that go viral.<\/p>\n
Chris Dixon, a general partner at the venture capital firm, said in a blog post that he would be joining BuzzFeed’s board. His arrival comes three months after Jon Steinberg said he would step down as president and chief operating officer.<\/p>\n
Founded in 2006, BuzzFeed is among the top 10 most-visited news and information sites in the United States, joining the ranks of long-established media outlets such as CNN and the New York Times.<\/p>\n
“BuzzFeed now reaches over 150 million people per month, is consistently profitable, and will generate triple digit millions in revenues this year,” Dixon said.<\/p>\n
A person familiar with the company told Reuters in February that BuzzFeed expects revenue to double to $120 million this year.<\/p>\n
Andreessen Horowitz’s investment more than doubles BuzzFeed’s funding. It previously raised $46 million in venture capital from backers such as Lerer Ventures, Hearst, RRE and Japan’s SoftBank Corp .<\/p>\n
While BuzzFeed is known for its viral content, it has made a push into serious journalism, an effort that began two years ago when it hired former Politico reporter Ben Smith as editor-in-chief.<\/p>\n
Last month, Smith fired writer Benny Johnson for at least 41 instances of plagiarism.<\/p>\n
A BuzzFeed spokeswoman confirmed the investment and said it would be announcing more detailed plans Monday.<\/p>\n