Digital media startup and online news platform Business Insider has raised $7 million in new funding. The round was led by new investor IVP, writes the site’s co-founder and CEO Henry Blodget. The company had previously raised funding from RRE Ventures, Allen & Co., Marc Andreessen, Gordon Crovitz, Ken Lerer, and others. This latest round bring Business Insider’s total funding to nearly $14 million.
Blodget says that the company was originally planning to raise $2 million but had enough interest ro raise more. He also reveals that the site is seeing 12 million visitors per month, and around 150,000 users visit every day (each day Business Insider says it has 300,000 to 500,000 unique visitors). And Business Insider, which includes properties Silicon Alley Insider, Clusterstock and others, now employs a staff of 60 (which is up from around 45 in earlier this year).
In March, Blodget said that Business Insider was making a net profit of $2,127, on revenues of $4.8 million in 2010. The revenue number is impressive considering the media startup only launched in 2007. Via increased traffic, new verticals and a conference business, clearly Business Insider is growing fast.
The new funding will be put towards “making the site better.”