Medium, a blogging platform provider has raised $57 million in Series B round led by Andreessen Horowitz along with previous investors Google Ventures, Obvious Ventures, The Chernin Group and Greylock Partners. The new funding has increased the value of the company to around $400 million.
Founded in 2012 by Twitter co-founder Evan Williams, the startup Medium is a blog publishing platform that allows professionals, non-professionals and paid contributors publish their articles on the it. This platform surfaces quality content over clickbait. On default, the interested readers can see a list of top stories though users make use of tags. On Signing up, users are also encouraged to follow certain authors based of the tags selected. In the matter of three years, the platform has become a popular stage to share thoughtful insights, entertaining perspectives and moving human stories with the world. The company claims to have more than 20,000 writers on the platform every week.
The basis of the Medium’s operation is different. They claim to not concentrate on the page views, unique visitors or click metrics but on the quality of the content. “Many digital media companies are trapped in a negative cycle. Distribution happens primarily through networks that optimize click-through over quality, forcing creators to learn content and marketing parlor tricks instead of allowing them to focus on creating fresh perspectives,” stated Andy Doyle, head of operations at Medium. “This has left a large and influential audience underserved. It has forced advertisers to look elsewhere for deeper engagement. And it has frustrated individual writers and organized media brands alike.”
With the new funds, the company Medium plans to become “the dominant pipeline for connecting quality content and conversation.” It also intends to personalize the content around user interests and made richer by the activity of medium network. The company is soon to host an event on October 7 to announce new product features and partnerships.
Medium goes on to grow in large part due to competition with Facebook, which recently widened its news curation offerings with Instant Articles and blogging potential by reviving Notes. Reports suggest the company is working on revenue plans like selling “branded content” advertising and placing some posts behind a paywall.