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Chris Dixon, a general partner at the venture
capital firm, said in a blog post that he would be joining
BuzzFeed's board. His arrival comes three months after Jon
Steinberg said he would step down as president and chief
operating officer.
Founded in 2006, BuzzFeed is among the top 10 most-visited news
and information sites in the United States, joining the ranks of
long-established media outlets such as CNN and the New York
Times.
"BuzzFeed now reaches over 150 million people per month, is
consistently profitable, and will generate triple digit millions
in revenues this year," Dixon said.
A person familiar with the company told Reuters in February that
BuzzFeed expects revenue to double to $120 million this year.
Andreessen Horowitz's investment more than doubles BuzzFeed's
funding. It previously raised $46 million in venture capital
from backers such as Lerer Ventures, Hearst, RRE and Japan's
SoftBank Corp <9984.T>.
While BuzzFeed is known for its viral content, it has made a
push into serious journalism, an effort that began two years ago
when it hired former Politico reporter Ben Smith as
editor-in-chief.
Last month, Smith fired writer Benny Johnson for at least 41
instances of plagiarism.
A BuzzFeed spokeswoman confirmed the investment and said it
would be announcing more detailed plans Monday.
(Reporting by Liana B. Baker and Sarah McBride. Additional
reporting by Jennifer Saba; Editing by Christopher Cushing)
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