Here's a ray of sunshine in the digital media world. Fast-paced, caps-lock loving news site Business Insider just got $7 million in new funding led by Institutional Venture Partners, announced Business Insider co-founder and CEO Henry Blodget. He says the website initially planned on raising only $2 million but interest in the website allowed him to bring in more, bringing the site's total funding to almost $14 million. Opening the books on the site's traffic performance, he says BI gets 12 million visitors per month with about 150,000 users visiting the site every day. He's bulked up the staff to 60 up from 45 earlier in the year.
Blodget was vague on how he'd use the money only saying "We're very excited about the ways we can invest that money going forward, most of which will go toward making the site better. (We're going to hold off on the fractional jet share--for now)." One can only hope that with the new influx of cash, the website can afford to jettison the annoying advertisements linked to keywords in each story. There's nothing worse than accidentally waving your mouse over a word like "support" and being greeted with an annoying pop-up ad about microchips. Go on, splurge Henry!
Update: Blodget doesn't appear to be budging on the annoying ads but he sends a tip on how to avoid them. "If you don't like those ads, though, come directly to the site. They don't show up for direct and logged-in folks."