Business news site Benzinga announced Thursday that it has closed on a $3 million round of financing that will allow it to expand.
The investors include WorldQuant Ventures, an angel investment firm, as well as Cleveland Cavaliers owner Dan Gilbert.
“It’s a testament to the talent of our team and the power of our mission to have such a strong group of investors believing in us,” said Benzinga chief executive Jason Raznick in a statement. “Working with strategic investors of this caliber reinforces Benzinga’s potential to disrupt the way the markets consume information.”
The site said that it will use the money to expand its staff in its main offices in Detroit and New York. It wants to hire data scientists, reporters and editors and developers.
Benzinga’s content is syndicated on 70 websites, including Yahoo Finance and MSN. Its clients include TD Ameritrade and Morningstar.