Digital content machine Buzzfeed has acquired £30 million of funding from tech venture capital firm Andreessen Horowitz. As well as the funding Chris Dixon, a general partner at Andreessen Horowitz announced that he would be joining Buzzfeed's board.
According to the New York Times, the £30 million will "be used to make several major changes, including introducing new content sections, creating an in-house incubator for new technology and potential acquisitions."
Dixon announced on his blog that Buzzfeed is set to become "a preeminent media company", and how (despite "industry observers" dismissing Buzzfeed's approach to content creation) he believes that Buzzfeed will "reshape" the industry.
Founded in 2006 by Jonah Peretti, Buzzfeed's focus on easily digestible content saw the site's popularity grow and now receives over 150 million unique hits a month.
In his statement Dixon explains Buzzfeed's popularity; "everything is built for mobile devices from the outset. Internet native formats like lists, tweets, pins, animated GIFs, etc. are treated as equals to older formats like photos, videos, and long form essays."
Dixon is no slouch when it comes to choosing tech winners, as an early investor in Skype, Kickstarter and Foursquare (to name but a few) he has seen something of value in Buzzfeed.
So too have other investors, with Disney trying to buy the site earlier this year but walked away when Buzzfeed asked for £600 million. Buzzfeed may not have been far off the mark with its recent speculation that the website may be worth up to £1.9 billion.