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 2012—ironically and potentially to CNN—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.
“We will use the capital to grow our reach, technology capabilities, invest in video and new storytelling formats, grow the company’s BrandLab, which now engages with some of the world’s best brands, and work on new products that will be announced next year,” says Mike Kriak, Mashable’s chief operating officer and chief financial officer, in a statement provided by the company. “This means we’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.”
Mashable currently employs about 120 people.