Beringer Capital, a private equity firm that specializes in media companies, has acquired a majority stake in business news site Benzinga for an undisclosed amount.
Benzinga, founded in 2010, has a staff of more than 100 and has nearly 25 million readers each month, spanning more than 125 countries. It also organizes conferences to connect individual investors with public companies.
“Benzinga is just entering the second inning of what we will build. Partnership with Beringer drastically accelerates the timeline to realize our ambitions of what we can provide investors globally,” said CEO Jason Raznick, who will retain a significant stake in the company and continue to play a leadership role in charting Benzinga’s future growth and vision
Benzinga, which is based in Detroit, had closed in 2016 on a $3 million round of financing that allowed it to expand. The investors included WorldQuant Ventures, an angel investment firm, as well as Cleveland Cavaliers owner Dan Gilbert.
Benzinga.com has a newswire, Benzinga Pro, which publishes market-moving news. It also has sites in Italy, Spain and France.
Beringer, which is based in Toronto, is currently invested in real estate news service Inman. It is a past investor in Adweek and Brandweek.