Medium raises $50 million while it can, adds Ben Horowitz and Judy Estrin to board

...

Medium has raised a new round of funding, bringing in $50 million in a deal led by Spark Capital. The company sought the investment as a way to “bolster our resources…given the demand we’ve seen for the vision we are building toward.” Existing investor Andreessen Horowitz returned to put in a “significant amount”, as did GV (formerly Google Ventures), and Medium chief executive Ev Williams.

Coinciding with the funding announcement, Medium also added Ben Horowitz and JLabs CEO and pioneer who played a role in developing the foundation of the Internet today, Judy Estrin, to its board, while also parting ways with Greylock Ventures’ managing partner David Sze — the firm’s other partner on the board Josh Elman will remain.

In a Medium post (where else?), Williams explained that his team is focused on creating a platform where great ideas and stories can “be launched into the world — and for people to find those stories and ideas that matter to them.” A major part of this effort revolves around the Medium for Publishers tool the service has where publications and bloggers are able to access branded tools to customize the look and feel, as well as the layout, navigation, and color scheme of their site on Medium. Williams wrote that there are hundreds of publishers that are now on the platform, including The Awl, Pacific Standards, and The Ringer.

The latest fundraising reunites Williams with Spark Capital. The firm was a major investor in his previous company Twitter and the lead partner in today’s round Kevin Thau was a former coworker.

At an event in San Francisco in October, Medium’s CEO sought to explain how he pictured the platform becoming. Would it be the next Blogger, which Williams sold to Google? The next WordPress were everyone was able to customize it as they saw fit? Or something much greater. He realized that this notion of open free publishing was “potentially important” and was not about the content, but also the ideas.

“Today, putting stuff out on the Internet today is easy. Our devices are constantly connected and we have a variety of apps to put content out there,” Williams explained. “It’s easy to trivialize all this stuff, but the fact that billions of people have the power of the printing press at their fingertips is a huge idea. It’s a huge advance for society.”

Raising $50 million is a proactive move by Medium in its effort to try and change the way we discuss ideas, but it’s also just $7 million less than what it raised in September.

Categories
REVIEWS
0 Comment

Leave a Reply

Captcha image


RELATED BY

  • 5300c769af79e

    We tried out the retro-styled Kodak phone you totally missed at CES 2017

    You heard that right — everyone’s favorite old camera company is finally in the mobile market with the Kodak ‘Ektra.The company announced the phone back in 2014, but we should point out that the device simply licenses the Kodak brand name.
  • 5300c769af79e

    Tim Cook Talks Artificial Intelligence, iPhone's Future

    Secure software development doesn't need to be a conflict between pushy security teams and resista Marking the five-year point as the head of Apple, CEO Tim Cook spoke to the Washington Post about tax policy, the future of smartphones, and how the company plans to integrate artificial intelligence with its future projects.In the interview, Cook dismissed the idea of the iPhone accounting for two-thirds of Apple's revenues being problematic, calling the smartphone's dominance a privilege and expressing his belief that one day, every person on earth will own a smartphone.
  • 5300c769af79e

    Video: Hands-on and Overview of Moto Mods

    Announced alongside the new smartphones from Moto and Lenovo, the Moto Mods are an attempt to bring modularity to the forefront of consumer smartphones.Featuring everything from a projector module, to Style Shells and JBL external speakers, Moto showcased an impressive number of Moto Mods that customers will be able to purchase with their Moto Z and Moto Z Force devices.
  • 5300c769af79e

    To SIEM or not to SIEM

    When implemented well, SIEM (Security Information and Event Management) is a great tool that can protect your information and keep your business secure.But there's a catch: managing a SIEM is akin to riding a bike uphill.