After growing their audience 550 percent last year, Mic landed a $10 million VC investment to try to become the number one spot for millennial-era news sites. Formerly PolicyMic, the company has recently rebranded and redesigned their site, hired star editorial staffers, and is planning new verticals in tech and health.
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Millennials are often accused of being irresponsible and non-committal. We can’t commit to a relationship, a mortgage or a job for more than a year. How appropriate then, that a news site meant for millennials can’t commit to a name.
PolicyMic has changed its name to Mic (Stylized “.Mic”). “Policy.Mic” is now just a section, like Arts.Mic or World.Mic. Distancing themselves from using the word “Policy” in their masthead is meant to chase broader appeal.
In the competitive and brutal world of new media journalism startups, players come and players go — but one contender just got a boost to keep them in the ring. PolicyMic has raised a $10 million Series A funding round after their audience grew 550 percent in 2013.
PolicyMic wasn’t going to go looking for more funding until next year, PolicyMic CEO and cofounder Christopher Altchek told Betabeat, but as the audience came rushing in, PolicyMic wanted to start hiring additional staff, and needed the extra cash. The investment round was lead by Jim Clark, who cofounded Netscape and has previously invested in Facebook, Twitter, and Apple.
Maybe you’ve heard of (Harlem) startup PolicyMic, the startup most famous for:
- Having a former Goldman Sachs trader who quit his job venture into StartupLand,
– Being a fancy politics forum where the ability to speak is doled out in a currency of “Mics,”
– Having contributors like Condoleezza Rice, and especially,
– Being based out of Harlem. Harlem! How utterly progressive/gentrification-forward!
Well, Business Insider has finally cracked the largest story on (Harlem) startup PolicyMic basically ever. Are you ready?