US-based online media company Buzzfeed is preparing for an initial public offering in 2018 that will give exits to corporates NBCUniversal, Hearst and SoftBank, Axios reported yesterday, citing anonymous industry sources.
Buzzfeed has built a text and video-based online media platform that includes an international news division and a dedicated entertainment studio.
The company has raised about $500m in funding since it was founded in 2006, $400m of which has come from media operator NBCUniversal, which invested $200m in August 2015 before adding another $200m in November 2016 at a $1.7bn post-money valuation.
Media group Hearst joined telecom and internet firm SoftBank to provide $3.5m of series A funding for Buzzfeed in 2008 before returning to take part in its $8m series B round in 2010 and $15.5m series C in 2012, investing through its Hearst Ventures subsidiary.
SoftBank also contributed to a $19.3m series D round the following year before venture capital firm Andreessen Horowitz invested $50m in 2014. Other Buzzfeed backers include New Enterprise Associates, RRE Ventures and Lerer Hippeau Ventures.
In addition to Buzzfeed’s tentative IPO plans, the sources also suggested Vice Media, another NBCUniversal portfolio company with a 10-figure valuation, was exploring the option of an acquisition.