Mashable plans to become much bigger than just a tech news site. It is the first time that the site has taken funds from outside the company. The newspaper and TV conglomerate has invested $700,000 in Mashable, the tech news site founded by Pete Cashmore in 2005, Recode.net reported.
This funding is part of the same round announced by Mashable in January, wherein the company said it raised $13.3 million and that this new investment brings the total investment received to $14 million. The news site, which initially started out with a focus on social media sites like MySpace, has broadened its ambitions over the years to provide all kinds of news content, much like a general news site with an easy-to-digest style that boasts of more than 13 million readers every month.
While the newspaper and media conglomerate Tribune is in the process of spinning out its newspaper groups – the Chicago Tribune and the Los Angeles Times – it adds this new asset to its spin out. Mashable content will now be seen in the newspapers and vice versa. Shashi Seth, President of Tribune Digital Ventures stated in the press release, “Tribune Digital Ventures looks forward to collaborating with the talented folks at Mashable and assisting with the company’s growth.”
“Tribune Digital Ventures’ leadership has roots and expertise in both technology and media, and we’re thrilled to have them on as investors,” said Pete Cashmore, Chief Executive Officer and Founder of Mashable. “Their focus on premium content and digital advertising, across all platforms, aligns well with our core values and strategy.”
The recent developments at Mashable in 2014 include the expansion of its editorial team with the addition of Andrew Freedman, as Mashable’s first Climate Reporter, Brian Ries, Real-Time News Editor and Jessica Plautz, Travel Editor. The tech news website further experienced rapid growth in advertising sales through integrated partnerships with blue chip clients and announced global expansion with a new New York headquarters and might further expand into Los Angeles and London.
By: Savita V Jayaram