SmartNews Becomes First Unicorn News Startup Since 2015
- The news app is valued at more than $1 billion after deal
- Investment is noteworthy during a dark age for news startups
SmartNews app
Source: SmartNews Inc.
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It’s a challenging time in the digital media industry. BuzzFeed Inc. and Vice Media Inc., which defined a generation of news startups, dismissed hundreds of employees this year in cost-cutting maneuvers. But a glimmer of hope is coming from a software company in Tokyo.
SmartNews Inc. announced Sunday a new investment valuing the business at $1.1 billion. That makes it the first unicorn startup in the news business since BuzzFeed and Vox Media Inc. achieved the status within a week of one another four years ago.