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TEL AVIV (Reuters) - U.S.-Israeli start-up Playbuzz, whose platform enables the distribution of content on social media, said on Wednesday it has raised $16 million in a financing round led by venture capital fund 83North.
Additional funds came from Saban Capital, the investment arm of media mogul Haim Saban, as well as existing investors Carmel Ventures and FirstTime Ventures.
The new investment will be used to expand the company's operations and develop the variety of formats available on the platform. In addition to its New York headquarters, PlayBuzz is opening offices in Asia and Europe.
Founded in 2012 by Shaul Olmert, son of former Israeli prime minister Ehud Olmert, and Tom Pachys, Playbuzz enables publishers, bloggers, marketers and brands to connect with audiences through quizzes, lists, surveys and rankings.
Playbuzz has thousands of publishers and content creators who author, embed and distribute content. It has over 80 million monthly visitors.
83North, which started as an affiliate fund of Silicon Valley's Greylock Partners, said in January it raised a $200 million fund to invest in consumer and enterprise technology companies led by European and Israeli entrepreneurs.