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Business Insider Raises $3 Million In Fourth Round

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Business Insider, which has established itself as an aggressive online source of a wide range of business news and commentary, has raised $3 million in its latest funding round. In a blog post, CEO Henry Blodget says the amount is a “vast sum relative to the couch change we’ve been running on since we launched three years ago” and therefore will allow the company to expand its newsroom and launch new verticals, as well as international editions.

The site is currently centered around four main verticals: the tech-focused Silicon Alley Insider, the finance-focused Clusterstock and Money Game and media-focused The Wire. It claims 3.8 million monthly uniques, up from 2.2 million a year ago.

The new cash comes from RRE Ventures, the New York City-based tech investment firm, which on the online media front has also backed former CEO Jim Spanfeller’s Spanfeller Media Group, news filtering and aggregation service SkyGrid, and viral content tracker BuzzFeed.

Business Insider had last raised backing a year ago. We estimated then that the round was in the $5 million range, although Blodget now says the site had raised $2.7 million in total prior to this most recent investment (He wouldn’t comment about the amount when we asked him last time around). The site first raised cash in July 2008.