Less than a year after its last round, GigaOm is upping its investment take to $15 million.
The $6 million new round, led by Reed Elsevier (NYSE: RUK) Ventures with existing investors Alloy Ventures and True Ventures taking part, will go toward a major expansion of its subscription research business and events, along with building its editorial ranks.
It’s the fifth round for the tech media company founded in 2006 by Om Malik.
The GigaOM Pro Analyst network already claims “dozens of Fortune 500 enterprise account” but hasn’t broken out total subscribers, though total website users are up 30 percent annually.
The Pro network numbers more than 100 independent analysts. The funding will grow that pool, and will go toward building a new technology platform for distributing the research itself. GigaOM says it will also start scheduling conferences in new areas and cities, including New York. GigaOM contributor Bobbie Johnson is going aboard full-time to build out the publisher in Europe.
“We have demonstrated that paid content (not paywalls) can work, as long as you can provide value to your community,” Malik writes. ” Just as we never positioned GigaOM to compete with traditional media outlets, I believe we are charting our own course with our GigaOM Pro research service. “And it is working. It is working so well that we really need to put more gas in the engine to grow it even faster.”
For GigaOM, this may have been an alternative to a straight sale. It brings in cash to grow the business further, with a B2B publishing investor on board.
The investment comes as the market for buying growing content sites hots up (well, at least for AOL). But, unlike TechCrunch, which has more of a mass-consumer slant, GigaOM is clearly ploughing a burrow as a business/professional publisher.
Reed Elsevier general partner Kevin Brown: “We only invest in media companies with the potential to become hugely profitable global companies, and GigaOM … is firmly in that camp.”