London-based news website The Memo is set to expand to New York after securing £280,000 in funding from investors.
The site, which publishes news and comment about politics, business and technology, has said the cash injection will also enable it to grow its team of “editorial and operational talent”.
The investment has been made by a group of business leaders in publishing and finance, including Andrew Dixon, enterprise fellow at the Prince’s Trust and founder of Arc InterCapital, and Paul Field, a former Daily Mail executive.
The Memo claims to reach more than half a million people each month and was awarded the Best Specialist Site for Journalism at the Drum Online Media Awards this year.
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The company said it reached profitability in its first 18 months after launching in April 2015. It said it will aim to copy this business model in the US and “build on its exponential early growth”.
The Memo’s founder and editor-in-chief, Alex Wood said: “Over the last 18 months, The Memo has surpassed my expectations and is now read by forward-thinking influencers from across the world.
“While Silicon Valley is known for creating world-changing ideas, we’re proud to be expanding to New York first, to put our publication at the heart of where digital disruption and innovation meets the real world.”
Field said that Wood, who was the launch editor of Tech City News, was an “experienced entrepreneur” with a “proven track record in leading online publications to success”.
He added: “This experience, coupled with The Memo’s excellent team and a revenue model with a clear path to self-sufficiency, gives me confidence that the business will continue to grow and cut through the noise online with a distinctive and compelling voice.”
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