Content Marketing Platform NewsCred Announces $42M Funding Round
Company has raised almost $90 million in all, says its customer base has doubled and recurring annual revenue has tripled in the past year.
NewsCred, a content marketing platform headquartered in New York City, has announced a $42 million funding round. Investors include FTV Capital, FirstMark Capital, InterWest Partners and Mayfield Fund. NewsCred has now raised nearly $90 million total.
In today’s announcement, CEO Shafqat Islam says the cash will be used “to aggressively scale our global operations as we serve the incredible demand for content marketing from enterprise brands.” He also cites several milestones in NewsCred’s development:
Our business is doing exceptionally well. In the last year, our annual recurring revenue grew 3X and our customer base grew 2X. In addition, the Fortune 2000 represents 40% of our customer base and we serve customers in more than 70 global markets, including, ASICS, Barclays, Capgemini, Cisco, ConAgra Foods, Conair, Dell, Fidelity, Hewlett Packard, Nasdaq, Pepsi, Schneider Electric, Toyota, USAA, Visa, and more. When you create a product people love, they buy more of it, and that is certainly the case since 72% of our customers expanded their products and services in the last year.
NewsCred launched in 2008 as a consumer-facing news aggregation service and has adjusted its business model several times since then. It’s now a content marketing platform that’s used by the likes of Pepsi, Visa, HP and many other Fortune 500 brands.
The company has seven offices around the world and about 200 employees.