The once private publishing startup recently opened its doors to the masses by allowing anyone with a twitter account to write on it’s platform.
Now they have raised a cool $25 Million to assist a planned expansion and takeover of the new-age blogging space.
Many outsiders have doubted the fundraising exercise considering Ev Williams seemingly unlimited funds, but he insists that the move legitimizes the company to its employees. Involving outside stakeholders with the venture proves that Williams is thinking long-term and fully intends for this to be a serious business, not just a billionaires playground.
Some Silicon Valley heavyweights were involved the round including Ron Conway, Chris Sacca and Tim O’Reilly. Leading the round (and joining the board) were David Sze and Josh Elman of Greylock Partners.
What remains to be seen is Medium’s long term plans in terms of generating revenue. While advertising is the main source of revenue across the publishing industry, it’s highly doubtful that you will be seeing banner ads on the network anytime soon. Medium hangs it’s hat on breathtaking design, which presents a interesting dynamic when thinking in terms on-page ads.
Look for them to incorporate new forms of native advertising in 2014 and utilize their distribution network to create other sources of revenue.
With the level of backing this platform has one this is for sure, money is not an immediate concern.