Mashable brings in $13.3 M. as it readies expansion
Mashable has raised $13.3 million in capital to fund its expansion plans, founder and C.E.O. Pete Cashmore announced in a post on the technology news website this afternoon.
Investment banking firm Updata Partners led the investors
It is the first time since its 2005 launch that the site has taken on outside investors. Mashable had previously explored a sale to suitors including CNN, as the network's own Brian Stelter pointed out in an interview with Cashmore.
Mashable will use the investment to develop new technology products, expand its advertising offerings and open up a larger headquarters in New York City and offices in Los Angeles and London, according to the statement the company released this afternoon.
Last year, the company set the groundwork for expansion by hiring Seth Rogin, a vice president of advertising at The New York Times, as its chief revenue officer, and Jim Roberts, a former assistant managing editor at the Times and Reuters executive, to be its chief content officer.
"This year is about really ramping up aggressively and executing on the plan we drew up last year," Cashmore told Stelter.