Bleacher Report, fresh of the announcement of a new high-quality editorial program, is raising $22 million from Oak Investment Partners as well as existing investors Crosslink Capital and Hillsven Capital, TechCrunch reports.
The company was going to wait another half year before raising cash, but hit their marks quicker than expected.
TechCrunch also posits that rising valuations gave B/R no reason to wait and quotes CEO Brian Grey as saying, “We started to believe we could really build this into a billion dollar company, and we wanted to get aggressive.”
Fred Harman, a partner at Oak Investments, will join the board. He previously served on the boards of Federated Media, Huffington Post, and Demand Media.
The money is targeted for expansion including increased video and mobile apps, verticals other than sports, and forays into international markets.