Blodget: Cash will be used to expand newsroom, “may even allow us to hire a copy editor”
Henry Blodget’s upstart Business Insider has secured a new round of financing.
Blodget raised $3 million primarily through RRE Ventures, a New York-based private equity firm.
“We've raised about $3 million this time, which is a vast sum relative to the couch change we've been running on since we launched three years ago ($2.7 million in total),” Blodget wrote in a blog post announcing the cash infusion. “In media terms, it's still small potatoes, so we won't be able to go hog wild, but we should be able to significantly accelerate our pace of development.”
Blodget said the money will be used to expand its newsroom, fund “more original reporting,” launch new verticals, a research service, international editions and “may even allow us to hire a copy editor.”
Business Insider’s existing investors include Allen & Co., Kohlberg Ventures, Pilot Group, Marc Andreessen, Journalism Online principal Gordon Crovitz and Ken Lerer.