Business Insider this morning said it closed a $25 million investment round led by German publishing giant Axel Springer Digital Ventures. Former Wall Street analyst Henry Blodget, who co-founded Business Insider in 2007, said the investment will be used to “fast-track our growth in the U.S. and abroad.
“Axel Springer is the ideal partner for us in this endeavor as they share our vision about the promising future for new media and the ability of digital-native news sources to deeply engage audiences in new and powerful ways,” he added in a statement announcing the round.
BI says it is “the largest business news site in the U.S.” and claims tens of millions of monthly unique visitors. It also claims it “pioneered a digital-native approach to business news” and said it currently has 230 employees worldwide.BI did not disclose other investors in the round, but said Axel Springer will “hold a minority stake” in the company and that Axel Springer SE President Marketing and Classified Ad Models Andreas Wiele will become a member of its board.