Mashable Closes Its First Capital Investment
$13 million Series A round led by Updata Partners.
Mashable announced today that it closed on its first-ever capital round, a $13.3 million Series A investment led by Updata Partners. Since starting in 2005, the company's founder and CEO Pete Cashmore says Mashable has grown "without a dollar of funding," until now.
CNN's Brian Stelter, who broke the story, points out that Mashable had toyed with the idea of being acquired in 2012â€”ironically and potentially to CNNâ€”but instead forged ahead as an independent company.
Soon after, the company, which now says it has 30 million monthly readers, launched a new responsive design site that doubled down on the mobile content gold rush, social sharing and native advertising. Mashable has since launched a content marketing operation called BrandLab and a social media-based advertising program called Lift.
Joining Updata in the investment are New Market Ventures Partners, Social Starts, Buddy Media co-founders Michael and Kass Lazerow, Iglo Group CEO Elio Leoni Sceti and Havas CEO David Jones.
â€śWe will use the capital to grow our reach, technology capabilities, invest in video and new storytelling formats, grow the companyâ€™s BrandLab, which now engages with some of the worldâ€™s best brands, and work on new products that will be announced next year,â€ť says Mike Kriak, Mashableâ€™s chief operating officer and chief financial officer, in a statement provided by the company. â€śThis means weâ€™ll be increasing headcount by as much 50 percent, and we will move to a new headquarters in New York City to house our rapidly growing team, and be opening up new offices in London and Los Angeles.â€ť
Mashable currently employs about 120 people.