Marc Andreessen and other Silicon Valley venture capitalists are behind Clubhouse, an audio-based social media app that allows them to meet virtually. Still in beta, the invite-only app counts celebrity MC Hammer and activist DeRay Mckesson among its first members. According to sources, Andreessen Horowitz also beat out other venture firms to invest in Clubhouse, agreeing to infuse $10 million and pay $2 million to buy shares from the app’s existing shareholders. With the financing, Clubhouse is now valued at almost $100 million. Continue reading Clubhouse Becoming Elite Silicon Valley Virtual Meeting App

CNN just made a deal to acquire Beme, a social media app founded by Casey Neistat, who has a huge millennial fan base, and Matt Hackett, former Tumblr vice president of engineering. As part of the deal, Beme’s 12 employees will join CNN. The idea behind Beme was to share “more authentic” video on social platforms, via four-second bursts that don’t allow the creator to edit the content. CNN is betting that Neistat’s idea — that authenticity draws in a younger demographic — proves true under their aegis. Continue reading CNN Acquires Social App Beme to Attract Youth Demographic