Lerer Venture: Buzzfeed Can Become 'Major Media Brand'

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Lerer Ventures Managing Director Eric Hippeau spoke with Fox Business Network’s (FBN) Liz Claman about BuzzFeed's recent $50 million funding increase from Andreessen Horowitz, saying the company “has raised the amount of capital it needs to become a major media brand.” Hippeau went on to say that the next companies here’s targeting for growth include, Casper, The Black Tux, and Plated. When asked whether there will be a  fifth fund in the works Hippeau said, “yes, if everything goes right there will be a fund five.”

Venture capital ace Hippeau on BuzzFeed

Lerer Ventures' MD on how BuzzFeed’s recent investment money will be used:

“BuzzFeed is a company that we invested in six years ago and it’s been a wonderful experience and as you can see has raised the amount of capital it needs to become a major media brand. Mostly it is going to be used in expanding the business throughout. So more engineers, BuzzFeed is first and foremost a technology company, but it’s also a very big content company, the company already has a couple hundred writers, journalists, reporters, and people that are in the field. That’s going to get expanded. And I think as you mentioned in your opening, a very big push in video, because video because video is the content of choice for people who are behind social media and who are on mobile devices.”

Lerer Ventures' MD on his next three big investments:

“Well it’s a little difficult because we have a couple hundred companies that of course, we believe all of our babies are going to grow up to be major brands. But, some of the companies that come to mind, a company called Casper for instance which is disrupting the mattress business. I don’t know if you buy mattresses but it’s a pretty horrible experience, Casper is completely changing that. Another company called The Black Tux [The Blk Tux] which is disrupting the tuxedo rental business, also a pretty poor experience if you go into these stores and try to rent a tuxedo. Perhaps a third would be Plated, which delivers ready to cook meals prepared by well-known chefs, directly to your house, so all you have to do is prepare the meal and you have a really wonderful meal.”

Lerer Ventures' MD on if a fifth fund is in the works:

“Well like you just said we did our fund four. We started to invest back in May so, yes, if everything goes right there will be a fund five. There is no minimum for the moment.”

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