Business Insider raises $7 million from investors

The Business Insider financial and economic news operation has raised $7 million from a group of investors, writes editor and founder Henry Blodget.

Blodget writes, “We’re also thrilled to welcome a new investor, Institutional Venture Partners (IVP), to our team.

“IVP led the round. They are one of the premiere venture firms in the country, with a spectacular track record, and we’re excited to be included in their portfolio. We’re grateful to the IVP team for their interest and confidence in us. We’re also thrilled to have IVP’s Somesh Dash and Todd Chaffee as advisors.

“We’re also grateful to RRE Ventures, Allen & Co., Marc Andreessen, Gordon Crovitz, Ken Lerer, and other of our existing investors for their continued support. Stu Ellman, Jim Robinson, and the rest of the folks at RRE have been instrumental to our success over the past year, and it has been a privilege to have them on the team.

“This round began early this summer, when we decided to explore the possibility of raising another ~$2 million. In the end, we were fortunate enough to have enough interest that we ended up raising ~$7 million. For a company that has operated on a shoe-string for the last four years, this injection has made our bank account look positively massive.”