Media startups are hard. Semafor says it's working by targeting politicians, CEOs, and advertisers who want to reach them.

"The news business is gloomy these days, and lots of companies are bracing for more grim news: Changes in the distribution landscape are making it harder to get the news you produce in front of people who want to consume it, which means you have less revenue to make more compelling news. Which can lead to a grim cycle. But last week, Semafor, which pitches itself as a news outlet for the global leadership class, said it was bucking the trend:"

"The startup, launched by former BuzzFeed editor Ben Smith and former Bloomberg executive Justin Smith in 2022, had turned a profit in 2025. The speed at which Semafor has made this work is surprising. The business plan is less so: Semafor, like other recent successful news startups, has built itself by aiming squarely at Washington, DC, and positioning itself as a way for advertisers to reach powerful CEOs and government officials who do business there."

Semafor launched in 2022 and turned a profit in 2025, reporting $2 million profit on $40 million revenue. The company focuses on Washington, DC, selling access to CEOs and government officials who do business in the capital. Events account for roughly 50% of Semafor’s revenue, and the company has raised an additional $30 million despite profitability. The broader news industry faces distribution challenges that reduce audience reach and revenue. Semafor plans to expand event-driven revenue and to build a Davos-style leadership conference rooted in the Washington market.

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