Semafor, a digital media startup for college-educated readers, has attracted $19 million to buyback Sam Bankman-Fried's stake in the firm. According to a report from Reuters, the fresh capital came from Yahoo Co-Founder, Jerry Yang, and KKR & Co Co-Founder, Henry Kravis.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Semafor has been trying to replace Bankman-Fried among its investors since January. The media startup succeeded in finding the new capital only in May, given that the disgraced crypto entrepreneur was one of the biggest backers.
Bankman-Fried's money, around $10 million, will be stored in a separate account and will be returned to his creditors at the direction of the authorities, The New York Times reports, citing Justin Smith, Semafor's CEO.
Besides Yang and Kravis, the media startup also raised capital from Jamal Daniel, owner of news website Al-Monitor, Jorge Paulo Lemann, 3G Capital's Co-Founder and Stand Together, a network of business leaders.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange