Medium, the publishing platform started by one of Twitter's cofounders 3 years ago, has 25 million users and is worth $400 million
Sources tell Recode that the new funding values Medium at $400 million.
Previously, Medium had raised $25 million in a round led by Greylock Partners.
Andy Doyle, Medium's head of operations, says in the company's blog post that 20,000 people are using Medium weekly. Doyle told Recode that that number is 4 times higher than last year. Doyle's post doesn't discuss traffic, or other metrics that may give a sense of Medium's health as a publisher. We do know, though, that Medium said it received 25 million monthly unique visitors as of May.
"At Medium we operate in a fundamentally different way," Doyle says in his blog post. "We don't focus on pageviews, unique visitors, or click metrics. We don't litter the platform with ads that are low quality, high clutter."
In terms of revenue, Medium hasn't disclosed much. In an interview with John Battelle earlier this month, Williams said Medium was starting to look at explore options to generate revenue, such as paywalls and branded content.
This summer, Medium - which has become known for tech and culture blogs like Matter, Backchannel, The Nib, and The Message - announced a change in its direction, moving away from its focus on longform content.