NewsCred has raised $4 million in Series A funding led by FirstMark Capital. Lerer Ventures, AOL Ventures, Advancit Capital, FLOODGATE, and IA Ventures participated in this round of funding.
NewsCred launched in 2008 as a credibility rating service for publishers and authors using a voting system. Then the company relaunched as a social networking service for newspapers last year. Now the company is a newswire service that licenses content from more than 700 premium brands including Bloomberg, Forbes, and The Economist. NewsCred charges customers to use their news API.
NewsCred is now looking to provide publishers and brands with fully licensed and full-text articles, photos, and videos. NewsCredit has in-house editorial teams that goes through thousands of articles for each of their clients’ specific needs. NewsCred also charges a monthly API licensing fee to accessing content, which is based on news story volume. All of the revenue received is shared with the content providers