Online news website Mashable has raised more than $US17 ($21.8 million dollars) in Series B funding which it will use to hire more than 100 staff.
The funding, led by Time Warner Investments, will also allow the website to invest in areas such as video production across all formats and Mashable’s proprietary Velocity technology, as well as continuing to bolster its editorial team.
In a statement released by Mashable overnight, founder and CEO of Mashable, Pete Cashmore said: “When I first started Mashable almost a decade ago, I set out to explore how the Internet would change the world; over the last year, digital media has aggressively accelerated that change and Mashable is at the center of it.
“As consumer consumption habits only continue to change, we are building a company for the long-term that will serve the Mashable community across formats."
Mashable Australia was launched in October of last year, with the site also changing its format to include a “Hero Unit”, which elevates timely and breaking editorial content above the three columns to the top of the site.
In the announcement Mashable credited its success in 2014 to overseas expansions. Last year the site added sales and editorial staff in London and Los Angeles, and reporters in Sydney and Ukraine, as well as expanding its coverage to include reporting on climate, travel, real-time and global news, and the launch of an entertainment vertical based in Los Angeles.
In 2014 Mashable's revenue grew by 45%, and it credits this largely to due to the support of its Series A investors, led by Updata Partners. Based on this growth, it said, all major investors will be taking part in the Series B funding.
With the addition of the Series B capital, Mashable has raised a total of $31 million since its founding in 2005.
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