560,000 reasons why BuzzFeed won in 2015

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The UK arm of US media company BuzzFeed quadrupled its profits last year, making around £560,000, alongside some huge investments.

Accounts filed at Companies House show BuzzFeed grew its profits from £140,772 in 2014 to £558,408 last year. The filings don’t show revenue as firms bringing in less than £6.5m are not required to disclose takings.

Read more: Fast Company's most innovative companies 2016 – OMG! Buzzfeed tops list

BuzzFeed has invested heavily in its British operation however, with the UK arm’s assets, climbing to £7.99m last year — more than four times higher than in 2014.

Earlier this week BuzzFeed announced it is doubling the size of its London office so it can house two new studios with a focus on sponsored video.

Buzzfeed announced plans for more work on advertising with brands when it received a $200m (£163m) cash injection from NBCUniversal last year, an investment that valued the digital media behemoth at $1bn.

The media group was earlier this year named the most innovative company in the world, beating the likes of Facebook, Uber and Netflix to the top spot.

Read more: Why Buzzfeed is a real innovator