TV broadcaster NBC News has backed a $10m funding round for an as yet unnamed media startup established by Jim VandeHei, co-founder of political news outlet Politico, the Wall Street Journal reported on Tuesday.
Venture capital firm Lerer Hippeau Ventures led the round, which also featured VC firm Greycroft Partners and non-profit organisation Emerson Collective as well as David and Katherine Bradley, co-owners of online news publications The Atlantic and Quartz.
The site will be aimed at professionals and corporate executives, reporting on sectors such as healthcare, technology and politics. It is expected to operate on a premium subscription model with select content made available for free.
NBC News will act as media partner for the new company, which is set to launch in early 2017. The partnership means staff from the new venture will appear on TV channels NBC and MSNBC and collaborate with NBC on a range of projects.
Andy Lack, chairman of NBC News and MSNBC, and Eric Hippeau, managing partner at Lerer Hippeau Ventures, will join the company’s board. Roy Schwartz, former chief revenue officer of Politico, will serve as president while Nicholas Johnston, a former managing editor at Bloomberg, is editor-in-chief.
VandeHei, who will act as chief executive and chairman of the startup, said: “We believe – and proved with Politico – that you can build a great media company if you offer content consumers and advertisers truly value delivered the way they truly want it.
“You just need to produce something people want, need and get addicted to. That is our aim.”