Finance portal Benzinga got an investment of $15 million from Lightbank, a fund started by Groupon founders. The financial site is growing fast, including a thriving forex section and will now seek further expansion.
The money will be used for expansion in staff, business development and more. Full details are in the press release:
Lightbank Makes $1.5MM Investment In Benzinga
Among Groupon Co-Founders’ Largest Investments; Provides Funds for Building Out Company’ s Business Operations, Staffing Needs, and Groundbreaking Products
Bingham Farms, MI — (May 26, 2011) — Benzinga today announced that it has received its first-ever outside investment from Lightbank, the technology investment fund started by Groupon co-founders Eric Lefkofsky and Brad Keywell. Benzinga is a fast-growing, action-based financial media source that delivers streaming news, trading ideas, original commentary and analyst ratings. It will use its new resources to add personnel and fund initiatives to accommodate its increasing readership demands, including media technology tools and exclusive company access.
Benzinga has quickly gained credibility in the global investing community for its reliable reporting and savvy, on-the-street insight. Benzinga not only reports the news of the day but also breaks market-moving stories. Its investigative reporters bring institutional research and tools to the everyday investor, including CEO interviews with major companies like Ford (NYSE:F), OpenTable (NASDAQ:OPEN), and Domino’s Pizza (NASDAQ:PZZA).
“Benzinga is an aggressive company that has adhered to a high standard of quality and professionalism. Its quick growth demonstrates real future potential,” said Lightbank’s Keywell. “Jason Raznick and his team have a vision to be the leader in financial media with real-time news, deep factual information and powerful commentary, all in one place. We’re pleased to support Benzinga in its efforts with one of our largest-ever initial investments.”
“While we’ve experienced positive cash flow from year one, it was clear we needed additional support to reach our next level of success. Lightbank realized the potential of what we’re trying to do. They understand our vision,” stated Raznick, founder and Chief Executive Officer of Benzinga. “We’ve accomplished a lot in a short period of time—but with Lightbank’s participation, we’ll be able to expand much more quickly.” Raznick maintains close ties with major media organizations and is a frequent guest on national television and radio stations.
Benzinga began operation in the spring of 2010 and attracts an online audience of over 1.5 million readers each month. It has since expanded its offerings with the introduction of Benzinga Professional, a premium service providing real-time news and feed, as well as a suite of premium financial products. In addition to subscriptions and advertising, Benzinga earns revenue through content licensing and breakthrough product offerings that change the way readers see the business world.
About Benzinga.com:
Benzinga is an innovative news and analysis service that focuses on global markets. Benzinga prides itself on providing original, accurate and timely global financial content every day. The service features content from industry experts and experienced analysts while also covering the news of the day. Benzinga has offices in Delaware, Michigan and Chicago.
About Lightbank:
Lightbank is an investment fund focused on early-stage technology companies. Founded by Eric Lefkofsky and Brad Keywell, who started Groupon, MediaBank, InnerWorkings (NASDAQ:INWK) and Echo Global Logistics (NASDAQ:ECHO), Lightbank invests money, time and expertise to help innovative businesses achieve dynamic growth. For more information, visit http://www.lightbank.com.