Bustle lost its biggest investor, Google Ventures, with an initial investment of $100, 000. The company pulled out its share from the ill ? marketed women ? focused publication?s latest round of funding, according to sources. Launched in August by Bleacher Report founder Bryan Goldberg, the publication raised $6.5 million to create what Goldberg claims as a rare find in the industry. He claims it as a publication ?singularly focused? on women.
A Publication Focused on Women
Bryan?s announcement included the definition of ?mansplaining,? which also happens to be one of the most controversial posts ever published on a tech blog. He expressed his interest in creating a publication for women that puts beauty tips alongside politics and world news. The said post created outrage among critics because of Goldberg?s lack of market research.
Bustle Meant Girdle
Apart from the poorly ? conceived launch is Goldberg?s knowledge of the word ?Bustle.? The term actually meant a girdle, something that women wear to keep their bodies in great shape. The accessory also symbolizes femininity. He told in The New Yorker that while a successful, popular, cool and busy guy is called a ?hustler,? the woman counterpart can be called a ?bustler.? The website will focus on women like that of Bust, Rookie, The Hairpin, HelloGiggles, Jezebel and more.
Google Ventures decided to pull out its money from the publication?s startup. The reason was more on the company and Bryan Goldberg?s ethical differences. Sources say that the company pulled out $100, 000 because it sees that the publication startup went out of touch with its values. There were reports of Goldberg?s misogynist reactions, as well as his glossing over the socio ? economic issues of San Francisco in a PandoDaily guest post. These moves have convinced Bustle?s biggest investor to backout.
Jessica Coen from Jezebel said that investing a huge amount of money on a person that lacks understanding, respect or knowledge will insult the target audience. Both Goldberg and Google Ventures declined to comment on her statements. Just recently, Sarah Lacy wrote that the shares of Google Ventures were taken back by Goldberg and sold to Time Warner. The latter will lead the women?s online magazine?s Series A round.