Internet meme publisher raises US$30m in funding


18 Jan 2011

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Cheezburger, the Internet publisher of websites such as I Can Has Cheezburger, Fail Blog and The Daily What has raised US$30m in funding.

Cheezburger, owned by former journalist Ben Huh, is a network of websites displaying user-generated content focusing on bringing internet memes to a mainstream audience.

The network has seen more than 500,000 pictures and videos uploaded, with 375m page views per month. It has a 16.5m-strong fanbase. The company has been profitable thanks to revenue from advertising and traditional media publishing, including books and merchandising.

Foundry Group, the venture capitalists behind Zynga and Gist, led the investment with Madrona Venture Group, Avalon Ventures and SoftBank Capital.

“In just over three years, Ben Huh and his team have amassed a treasure trove of websites that mainstream consumers love,” said Brad Feld, managing director of Foundry Group.

“Already challenging the online traffic of traditional media companies, Cheezburger has an opportunity to surpass the industry heavyweights to become the world’s largest humour network,” he said.

The funding will be used to hire more staff and for other marketing and growth initiatives for the publisher.

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