Andreessen Horowitz has announced a $50 million investment in BuzzFeed.
The news puts BuzzFeed's valuation at $850 million, the New York Times' Mike Isaac reports.
In a post on his blog, AH's Chris Dixon compared the site to Tesla, and Uber, explaining the site has "technology at its core" and will generate "triple-digit revenues" this year:
Its 100+ person tech team has created world-class systems for analytics, advertising, and content management. Engineers are 1st class citizens. Everything is built for mobile devices from the outset. Internet native formats like lists, tweets, pins, animated GIFs, etc. are treated as equals to older formats like photos, videos, and long form essays. BuzzFeed takes the internet and computer science seriously.
Dixon will also be joining BuzzFeed's board.
Click here to read Dixon's full post explaining the investment decision.