Member Article

The Memo receives £280k funding from former Goldman Sachs and Daily Mail chiefs

Online startup The Memo has announced it has closed six-figure funding from a team of individual investors that includes the former head honcho of digital at the Digital Mail, Paul Field.

The London-based media firm, which launched 18 months ago under the stewardship of editor in chief Alex Wood, has sealed £280k investment to help grow its editorial team and expand its US operations.

Based out of Telefonica’s Wayra accelerator in central London, The Memo boasts a five-strong editorial team and has surpassed a half million monthly per month despite having no marketing spend.

Commenting on the new investment, which also drew backing from former Goldman Sachs vice president Andrew Dixon, Wood told City AM that he hopes to capture the market in New York, Singapore, Hong Kong and ‘more cities’ in the near future.

Field said: “Alex is an experienced entrepreneur and has a proven track record in leading online publications to success.

“This experience, coupled with The Memo’s excellent team and a revenue model with a clear path to self-sufficiency, gives me confidence that the business will continue to grow and cut through the noise online with a distinctive and compelling voice.”