Content marketing startup NewsCred raises $25 mln
Jan 23 (Reuters) - Content marketing startup NewsCred said on Thursday it raised $25 million in a new funding round, joining the ranks of upstart media and advertising companies currently enjoying an influx of investor dollars.
The Series C round was lead by InterWest Partners and other existing investors including Mayfield Fund, FirstMark Capital and IA Ventures.
With this latest round, NewsCred has raised a total of $45 million. The funding stacks up with other startups like BuzzFeed, which raised $46 million in total.
NewsCred has a few different veins of revenue: it licenses articles, photos and video from 4,500 publishers including the New York Times and Reuters.
It has a freelance network for brands to tap journalists and others for content. It also provides a content platform for marketers.
Shafqat Islam, chief executive and co-founder of NewsCred, said the company plans to use the money to expand.
"We are going to more than double our sales team," he said.
Islam said NewsCred was not profitable and has revenue in the "double-digit millions."
As part of the round, Doug Pepper, a general partner at InterWest, is joining the board of NewsCred.