Business Insider, an international digital media publication announced in an internal memo yesterday that they will be raising a $5 M USD investment round lead by Amazon Inc. CEO Jeff Bezos.
Their existing investors, RRE Ventures and Venture partners will also be participating but supposedly a significant amount has been contributed by Bezos Expeditions, Jeff’s personal investment company. Recently , Business Insider has also went in a strategic partnership with Times Internet.
According Business Insider CEO and Editor-in-Chief Henry Blodget’s memo, the investment will help in many areas of the business including “editorial, tech/product, sales and marketing, subscriptions, and events”. From this point onwards any future articles regarding Amazon or Bezos will carry a disclaimer disclosing his involvement as an investor.
The reason why Bezos has invested the money is not completely clear however. After Amazon’s release of Kindle and its domination in the e-book market and then its recent purchase of Goodreads, perhaps Bezos is trying to cover all bases and create a further monopoly in digital publication sector.Category Internet News