Benzinga, a new online financial outlet, is turning a nearly $2 million venture capital investment into new jobs and office space in Southfield.
The 18-month-old start-up scored a venture capital investment last spring. That seed capital round was led by Lightbank, the Chicago-based VC created by Groupon co-founders Brad Keywall and Eric Lefkofsky. That investment allowed Benzinga to kick its growth into overdrive. It has gone from two people at its inception to 20 employees and another five independent contractors and interns today who are moving into newer, bigger offices in Southfield. And it’s still hiring.
“We want Benzinga to be a part of the common vernacular,” says Jason Raznick, president and founder of Benzinga. “The place where people go for quality information.”
Benzinga is reinventing the way news is presented by providing a combination of real-time news, actionable trading ideas and insightful commentary. It covers a number of business sectors, including the financial markets, technology, economics and politics. It publishes 500 original articles a day and has millions of unique visitors per month.
“There are a lot of places that tell you the news,” Raznick says. “We want to deliver news you can use.”
Benzinga has a normal public site and a premium subscription service. Raznick plans to build up the readership of both the public and premium versions of the site while establishing the brand as a household name. The company is also working to develop more software and technology solutions to help maximize its bottom line.
Source: Jason Raznick, president and founder of Benzinga
Writer: Jon Zemke
Read more about Metro Detroit’s growing entrepreneurial ecosystem at SEMichiganStartup.com.