A Huge Thank-You To IVP And RRE For Giving Us A Boatload Of New MoneyBusiness Insider Sep 22, 2011 Back to press
We're pleased to announce that we just raised a bunch more money.
This means two things:
First, that we'll be able to do a ton more cool stuff over the next couple of years, all of which we hope will make Business Insider much more useful, comprehensive, and fun for you.
Second, it means that you don't have to worry about us going bust if the world goes to hell in a handbasket.
(We wouldn't have anyway--we had plenty in the bank--but now we have more than plenty.)
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.
We're very excited about the ways we can invest that money going forward, most of which will go toward making the site better. (We're going to hold off on the fractional jet share--for now). We love what we do, and we're grateful to every one of the 12 million of you who choose to stop by every month (~400,000 a day). We have a lot of cool ideas for things we can build and do over the next couple of years, and we can't wait to get started.
So, from all of the 60-odd folks here at Business Insider, a big thank-you to IVP, RRE, and our other investors for their ongoing support. And an even bigger thank-you to all of you, our readers.