Financial cat nip
The web-based publisher Cheezburger, which is behind such hits as LOL cats and FAIL Blog, has raised $30m in a fundraising round.
According to TechCrunch the comedy memes company secured funding led by Softbank Capital, Avalon Ventures, Madrona Venture Group and the Foundry Group.
It is thought that big cheeses from the Foundry Group, Madrona Venture Group and Avalon Ventures will join Cheezburger's board of directors. Cheezburger is reportedly estimated to have total funding of $32.5m.
Founded by ex-journo Ben Huh in 2007, the Cheezburger family is now a collection of 50 websites with a user base of reportedly 16.5 million people, uploading over 500,000 pictures and videos every month.
Huh apparently bought I Can Has Cheezburger and FAIL Blog then set about building the LOL empire, raking in money from ads, books and merchandising.
He told TechCrunch that he will use the cash to ‘hire, hire hire,' and expand his employee headcount of 50. He also reportedly plans to push into new markets as part of the sites' international expansion.
He apparently reckons that the Cheezburger empire will grow to just under 100 sites in 2011 but stressed the focus is quality not just quantity.
In a bid to strengthen current propositions, Cheezburger will reportedly put money to work by bolstering its infrastructure and technology, with plans to launch Android and iPhone apps as well as better tools for photo captions.
Huh reportedly said: "I want Cheezburger to be the ultimate leader and influencer in internet culture. We've only reached the tip of the iceberg in terms of what we can do."
Here's an image from LOL cats.
