PALO ALTO CA, (Hypebot) –
So much for a venture capital drought. Culture blog network Buzznet which includes popular music sites Stereogum, Idolator and Absolute Punk has received $12.5 million in new funding from Palo Alto based Focus Ventures. Existing investors, including Anthem Ventures, New Enterprise Associates, Redpoint Ventures and Sutter Hill Ventures, also participated in the round.
Along with the money comes a name change to Buzz Media. The company will use the funds to grow its portfolio of pop culture sites. More than 40 million people worldwide visit Buzz Media properties every month.
