New York based company company that runs online community for hip-hop fans called Rap Genius has raised $40 million in Series B financing.
The round was supported by Dan Gilbert and joined by previous investor Andreessen Horowitz at a valuation under $1 billion.
The new round makes the total funding of Rap Genius to $56.8 million, Beside this funding, the company also changed its name to Genius.com which will make it more accessible and intelligible to communities reading and writing annotations outside of rap.
Andreessen Horowitz wrote in a blog post that, “Today Rap Genius officially expands beyond rap and renames itself Genius. Genius does for everything what Rap Genius did for rap.
Rap Genius will continue, forever, as part of the Genius family. I have looked forward to this day for quite some time and welcome everyone to Genius, the explanation of everything.
Today we take a crucial step forward in the mission to annotate the world: Introducing Genius.com, the new home of this great knowledge project.”
Dan Gilbert who first time has invested in Genius is the founder and chairman of Rock Ventures and Quicken Loans, and is known as a champion of Detroit’s rebirth.
Now the company will utilize the new funding to hire more engineers, designers, and community leaders.