BuzzFeed is an American private Internet media company based in New York City. The firm describes itself as a "social news and entertainment company" with a focus on digital media and digital technology in order to provide "the most shareable breaking news, original reporting, entertainment, and video." BuzzFeed was founded in 2006 as a viral lab, focusing on tracking viral content, by Jonah Peretti and John S. Johnson III. Kenneth Lerer, co-founder and chairman of The Huffington Post, started as a co-founder and investor in BuzzFeed and is now the executive chairman as well. Prior to establishing BuzzFeed, Peretti experimented with other viral media as director of research and development and the OpenLab at Eyebeam, Johnsons New York City-based art and technology non-profit. The company has grown into a global media and technology company providing coverage on a variety of topics including politics, DIY, animals and business. In late 2011 Ben Smith of Politico was hired as Editor-in-Chief to expand the site into serious journalism, long-form journalism, and reportage. In August 2014, BuzzFeed raised $50 million from the venture capital firm Andreessen Horowitz, more than doubling previous rounds of funding. The site was reportedly valued at around $850 million by Andreessen Horowitz. BuzzFeed generates its advertising revenue through native advertising that matches its own editorial content, and does not rely on banner ads. Buzzfeed also uses its familiarity with social media to target conventional advertising through other channels, like Facebook.