Traditional journalism is in crisis. Consumers of news are fragmenting and flocking to the Web. TheWrap.com has become an indispensable source of information about popular culture. Founded in 2009 by Sharon Waxman—then at The York Times—the site offers news and commentary for entertainment and media professionals, influencers, and enthusiasts—and delivers them to advertisers. TheWrap embodies the online revolution’s embrace of journalism. We were juiced about both its content and the business model it represents. That’s why we made a Series A investment soon after its launch.