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Bay Citizen announces additional fundraising

The Bay Citizen says it has raised $14.5 million and that it only will spend $4 million in its first year, according to a report by Staci D. Kramer on the PaidContent.org website.

Editor-in-Chief Jonathan Weber decided to release the news that Bay Citizen had raised the $14.5 million (which includes the $5 million in seed money from Warren Hellman) after a Matier & Ross item on Dec. 26 said the nonprofit was hitting the streets of Oakland to sell subscriptions. The M&R item, which the Press Club picked up, said that Bay Citizen’s budget for its first year was $5 million — the same amount Hellman had put up for the venture.

“The impression left was that the new news org was out of money just six months after launch and had to race to raise funds by ‘hustling donations on the corner,'” Kramer wrote.

Two more quotes from Kramer’s piece:


Kramer said that Bay Citizen has enough money to keep going through 2012.

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