The GIF-loving website aims to broaden its original content and international footprint.
BuzzFeed has confirmed it raised $50 million from venture capital firm Andreessen Horowitz, an investment in the listicle-loving website as it aims to broaden its original content and international footprint.
The website on Monday said it completed a Series E financing from Andreessen Horowitz and that Kenneth Lerer, co-founder of the company, would assume the role of executive chairman. Chris Dixon, general partner at Andreessen Horowitz, will join BuzzFeed’s board.
Dixon, in a separate blog post announcing the investment, said he believed BuzzFeed will emerge as a “preeminent media company” at a time when technology is shifting how news and entertainment are being distributed on social networks and consumed on mobile devices.
“BuzzFeed started out focusing on lightweight content like memes, lists, funny photos, etc.,” wrote Dixon. “The company has since moved steadily up market, following the typical path of disruptive technologies.” Dixon compared BuzzFeed as a media company to other market disrupters, including Tesla, Uber and Netflix.
Dixon, who called BuzzFeed “consistently profitable,” said the website will generate “triple digit millions in revenue this year.”
The investment in BuzzFeed comes as the company moves to expand into more international markets this year, including India, Germany and Japan. BuzzFeed said it intends to add to its editorial team, aiming to add more lifestyle content and adding more staff to a news desk.
The latest investment into BuzzFeed comes after Fortune reported earlier this year reported The Walt Disney Co. was in talks to acquire the website, talks which reportedly broke down over price.