Genesis Investments invested $ 150,000 in American technology media Hacker Noon

Ukrainian venture capital fund Genesis Investments has invested in American media, which focuses on news about technologies, startups, artificial intelligence Hacker Noon $ 150,000, the fund’s team told AIN.UA.

This is the first investment of the fund in an American company.

What is HackerNoon

Hacker Noon — an American media that focuses on news about technology, startups, artificial intelligence, software development and blockchain technology.

The media audience is mainly readers from the USA, India, UK, Canada and Germany. Media is based on user-generated content: any user can register on the resource and offer an article for publication.

Business model and potential

HackerNoon was founded in 2016, and by 2020 has reached 4 million visits per month without paid promotion methods. The team developed a CMS (the content management system that HackerNoon.com runs on) and a user voting software solution (which runs the award-winning Noonies.Tech platform). The company also has a podcast and job posting platform from tech companies in America. Hacker Noon makes money from advertising on resources.

Hacker Noon targets the English-speaking tech community. In 2019, there were over 12 million technical employees and 550+ thousand tech enterprises in the US. There are 1.6 million technical workers in the UK and 4.4 million IT professionals in India. In the second quarter of 2020, up to 30 articles a day were published on the resource. The team plans to reach 50 publications per day by the end of 2020.

Investments

Coil, a micropayment and web content monetization company, invested $ 1 million in Hacker Noon in May 2020, followed by a $ 350,000 investment from the Greater Colorado Venture Fund. In the Seed round, the company was valued at $ 11.5 million.

Genesis Investments acted as an investor in the same round with the amount of $ 150,000. This is the first investment of the fund in an American company.

“We are delighted to be joining the funding round with Coil and believe this is a strategic deal for both Genesis Investments and Hacker Noon. We believe that our expertise in media, digital marketing and monetization can drive even more rapid growth for Hacker Noon. If necessary, we will be happy to help Hacker Noon open an R&D office in Ukraine in the future. Hacker Noon is a new generation of technological media that may become one of the most important in the next 5 years, and we want to be a part of this story”, – notes Olena Mazhuga, investment manager at Genesis Investments.

The money is planned to be spent on implementing a new monetization strategy for content creators, scaling the team and developing additional revenue streams.

Source: ain.ua