We’re excited to announce that we’ve just raised another round of financing, courtesy of New York-based RRE Ventures and our existing investors.
This capital will help us continue to expand the site and bring you many of the things you have been asking for–and faster than we would be able to develop them under our own power.
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). 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.
Specifically, RRE’s investment will allow us to:
* Expand our newsroom
* Do more original reporting
* Launch new industry verticals
* Expand the amount and type of content we publish from readers and contributors
* Launch cool new tech features that will make being a member of our community a lot more fun
* Launch our professional research service
* Launch international editions
Someday, the money may even allow us to hire a copy editor.
In conjunction with the investment, RRE co-founder and partner Stu Ellman will be taking a seat on our board. Stu has been a major presence in the New York VC community for more than 15 years, and he has helped lead more than 40 of RRE’s 100+ investments. Stu is currently a board member of Yipit, Drop.io, and other New York-based companies, and he and RRE partner Jim Robinson have contributed several popular columns to Business Insider.
In fact, one of Stu’s recent columns, “Sorry, Just Because You Tried Hard Doesn’t Mean You Deserve A Prize” has already put us on notice about what we can expect if we let you and Stu down. But there’s nothing more valuable than a partner with great business sense, fire in the belly, and forthrightness, so we’re thrilled to have Stu and RRE on the team.
In short, we’re excited about what this capital will enable us to build over the next couple of years. We’re also happy to continue to have the support of our existing investors, including Allen & Co., Kohlberg Ventures, Pilot Group, Marc Andreessen, Gordon Crovitz, Ken Lerer of Lerer Ventures, and others.
And since none of this would be possible without the loyal support of you and our generous sponsors, we want to thank you again for all you have done for us. It is no exaggeration to say that Business Insider would not exist without you, and we’re very excited about what is still to come.
* Portfolio Magazine, for example, consumed about $100 million in its short life, and cable networks routinely gobble far more than that.
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