Comparisons:<p>Mashable: $46M raised[0], 15M MAU[1] and $35-40M p.a in revenue[2] (sold for $50M)<p>Business Insider: $55M raised, 76M MAU, $50M+ rev (sold at $442M[5])<p>Refinery29: $125M raised, 27M MAU, $100M+ rev<p>Vox: $307M raised[4], 170M MAU, $100M+ rev<p>Buzzfeed: $496M raised, 200M+ MAU, $280-300M rev (was $350M - updated thanks)<p>HuffPo: $37M raised, 126M MAU, $30M+ rev (sold for $316M)<p>TechCrunch: $0 raised, 5M+ MAU, ? rev (sold for $25-30M)<p>Medium: $132M raised, 60M+ MAU, ? rev<p>Cracked: $0 raised, 10M+ MAU, $12M+ rev (sold for $39M[6])<p>Margins and growth are the diff between selling for 1.5x revenue and 10x revenue[7] - clearly a few models, where you either raise a little and do well with low headcount and organic audience, or raise $40M+ and set an expectation of getting near 100M MAU with $40M+ p.a revenue with high margins (~50%) and growth<p>[0] <a href="https://www.crunchbase.com/organization/mashable" rel="nofollow">https://www.crunchbase.com/organization/mashable</a><p>[1] <a href="https://admin.mashable.com/wp-content/MashableMediaKit.pdf" rel="nofollow">https://admin.mashable.com/wp-content/MashableMediaKit.pdf</a><p>[2] <a href="https://www.businessinsider.com.au/mashable-could-be-for-sale-for-as-much-as-300-million-2015-12?r=US&IR=T" rel="nofollow">https://www.businessinsider.com.au/mashable-could-be-for-sal...</a><p>[3] <a href="http://adage.com/article/media/private-equity-plowing-money-buzzfeed-vox/297034/" rel="nofollow">http://adage.com/article/media/private-equity-plowing-money-...</a><p>[4] <a href="https://www.crunchbase.com/organization/vox-media" rel="nofollow">https://www.crunchbase.com/organization/vox-media</a><p>[5] <a href="http://fortune.com/2015/09/29/business-insider-axel-springer/" rel="nofollow">http://fortune.com/2015/09/29/business-insider-axel-springer...</a><p>[6] <a href="https://www.recode.net/2016/4/12/11586060/cracked-demand-media-scripps" rel="nofollow">https://www.recode.net/2016/4/12/11586060/cracked-demand-med...</a><p>[7] <a href="https://www.poynter.org/news/how-much-digital-media-company-really-worth-guide" rel="nofollow">https://www.poynter.org/news/how-much-digital-media-company-...</a>