Pearson, the Financial Times owning media group, has taken an equity stake in the leading US internet title, The Industry Standard, as part of a $30 million fundraising effort by the magazine.
Pearson has made a $5m investment as part of a consortium of investors. The other backers include US venture capital groups Flatiron Partners and Morgan Stanley Dean Witter Venture Partners. EuropAtWeb, the European internet venture capital fund controlled by Bernard Arnault, is also part of the consortium.
The weekly magazine and website has become has become a highly respective force in the industry. The investment is expected to be used to fund expansion of the magazine internationally, including a UK launch.