Business Insider raises $12 million from investors

Business Insider raised an additional $12 million in funding from investors including Amazon.com Inc. Chief Executive Jeff Bezos, reports William Launder of The Wall Street Journal.

Launder writes, “The site plans to use the money for growth efforts including hiring more journalists and photographers as well as to help finance a launch into the U.K., Business Insider Chief Executive Henry Blodget said. The money will also go to expanding the site’s subscription research and advertising staff.

“Business Insider has emerged as a popular source for online business and general interest news, spanning topics from Warren Buffett to the Oscars. In January, Business Insider ranked as the fourth largest business news site, drawing a total of 25.4 million unique visitors on desktop and mobile devices, according to comScore. That is more than AOL Inc.’s Money and Finance and Bloomberg L.P.’s news site.

“Mr. Bezos’ investment firm, Bezos Expeditions, was the lead investor in the latest funding round, according to a person familiar with the company. Other investors in the latest round include RRE Ventures, Institutional Venture Partners and publishing executives Jim Friedlich and Gordon Crovitz. Those investors, like Mr. Bezos, have previously provided funding to Business Insider.

“Representatives from Amazon, Bezos Expeditions, RRE and Institutional Venture Partners weren’t immediately available for comment. Mr. Friedlich and Mr. Crovitz confirmed their investment.”

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