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January 3, 2013

BuzzFeed raises $19.3m in funding

Says revenue more than tripled in 2012

By CBR Staff Writer

Social media website BuzzFeed said it has raised $19.3m in a new round of funding from investors to help its global expansion.

It was led by investment firm New Enterprise Associates (NEA), and previous investors RRE, Hearst, SoftBank and Lerer Ventures.

Buddy Media co-founders Michael and Kass Lazerow joined the round as new investors.

BuzzFeed said the fund will be used for mobile development, geographical expansion, growing its editorial team and investing in video and other initiatives which will be revealed later this year.

BuzzFeed founder and CEO Jonah Peretti said: "We have the senior management, board, and investors we need to build the next great media company: socially native, tech enabled, with massive scale. We are all focused on that big goal and raised this capital to move even faster."

According to Google Analytics, BuzzFeed passed 40 million monthly visitors in December last year.

The company said that its revenue grew more than threefold in 2012, driven mainly by content and social advertising. It increased its headcount to 180 employees.

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Buzzfeed was founded in 2006 by Jonah Peretti, the co-founder of the Huffington Post.

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