The Memo, a media startup that is based in London, has been snatched up by Forbes in order to fuel European expansion.
The three-year-old tech publication will set the basis for a new Forbes team that is based in London as a part of the said deal. However, the value of the deal has not been revealed.
Alex Wood, the founder of The Memo, will become the European Editor. Also, the editorial team of The Memo will also join Forbes.
The Memo was financed by the former Goldman Sachs vice president Andrew Dixon, and former digital chief of the Daily Mail Paul Field, in a £280,000 funding round that occurred in late 2016, when the tech publication also turned its very first profit.
Mike Federle, the chief executive of Forbes, stated: “This is a strategic acquisition and part of a multiplatform initiative to grow and better serve our European readers and marketers alike.”
“The formation of an official editorial team in London is an important element of this strategy. We welcome Alex and his talented team to Forbes.”
Alex Wood stated: “We will cover all corners of the continent and I look forward to sharing the stories of entrepreneurs and business success in Europe with Forbes.”