Scoop: Post News seeking $250 million valuation
Post News, an upstart Twitter alternative led by former Waze CEO Noam Bardin, is seeking to raise $50 million at a $250 million valuation, Axios has learned.
Why it matters: If there's ever been a moment in the past decade to challenge Twitter's dominance in news distribution, it's likely now. But it remains unclear how Post plans to overcome Musktopia's massive scale advantage, or if users will value sincerity over snark.
By the numbers: Post is telling potential investors that it has activated over 100,000 accounts and that it has around 400,000 potential users on its waitlist.
- It also says that users have uploaded hundreds of thousands of images to the platform, and that they've paid for several thousand paywalled news articles.
Backstory: Post raised an undisclosed amount of seed funding earlier this year led by Andreessen Horowitz, which also invested $250 million into Elon Musk's Twitter takeover.
- Andreessen Horowitz's bet was primarily on Bardin, who was still mulling several different ideas. Sources say that potential conflicts were cleared by Bardin, the firm's Post deal lead (Andrew Chen) and its Twitter deal lead (Marc Andreessen).
Bardin declined to comment.