Medium, the online interactive blog founded by Twitter co-founder Ev Williams, has raised $57 million in a round led by Andreessen Horowitz, with participation from from Google Ventures and Greylock Partners, who also led the company’s Series A. The round places a $400 million pre-money valuation on the company.
The official blog states, “Medium is home to well-known influencers and regular contributors, as well as people who don’t write consistently but have discovered Medium as the place to share thoughtful insights, entertaining perspectives, and moving human stories with the world. More than 20,000 people write on Medium each week, and their words are enjoyed, considered, and debated by millions.”
Talking about traffic generation strategy, Andy Doyle who handles operations at Medium says, “We don’t focus on page views, unique visitors or click metrics.” In May, Medium claimed of having attracted 25 million unique visitors a month.
In a statement on how to run a digital publishing platform successfully, Williams said, “In an age when anyone with a phone can blast whatever they want to the entire world, he thinks that digital publishing is still too hard for most people. It’s not just enough to post something, Williams argues — you want people to see what you’ve posted.”
Medium is trying to solve this problem by creating a new kind of social network, one that makes it easy to find stuff you want to see as well as stuff you didn’t know you wanted to see. However, the company admits that it has yet not been able to cater to this issue completely.
It will be indeed interesting to see what innovation can Medium bring in this space to make it more lucrative and fertile for monetization.