Rap Genius raises another $40 million from owner of Cleveland Cavaliers, and changes its name to just Genius. That's a bold move, Cotton.
Adam Rifkin stashed this in Rap Genius
Like Wile E. Coyote, it's Super Genius!
Rap Genius made three big moves today to further its goal to annotate the world. The founders tell me it’s raised a $40 million Series B led by Dan Gilbert and joined by previous investor Andreessen Horowitz at a valuation under $1 billion. It’s changed its name to Genius.com.
And it’s launching embeddable annotations so any website can hover over text and see explanations and background info on what that text means. You can see a demo run of the embeds on Business Insider’s deep dive into the company.
Genius’ big new investor Gilbert is the founder and chairman of Rock Ventures and Quicken Loans, plus the majority owner of the NBA’s Cleveland Cavaliers. He’s know to many as a champion of Detroit’s rebirth.
The new funding brings Genius to $56.8 million in total, which it plans to spend hiring engineers, designers, and community leaders. The new Genius name will make it more accessible and intelligible to communities reading and writing annotations outside of rap. And the new self-serve embeddable annotations will give it a powerful way to gain widespread exposure while helping news sites and more offer a unique format for sharing information.
So today Dan Gilbert bought LeBron James and a chunk of Genius...
How Dan Gilbert came to invest $40 million into Rap Genius: