US-based policy and politics news outlet Politico is looking to double the number of journalists it employs to about 500 over the next four years as it eyes further global expansion after launching in Europe on Tuesday.

Politico chief executive Jim VandeHei said the company is aiming to triple revenues through expansion into US state politics, its new European operation and moving into new territories such as Asia and South America.

“We talk about [tripling] in terms of revenue for the company, but there is a direct correlation with between revenue and personnel,” said VandeHei. “If we are going to realise our ambitions we need a lot more reporters and a lot more people on the business side.

“There’s no doubt it’s a lofty goal, but it’s also an achievable goal because it’s based on eight years of experimentation, testing and knowing what works and what doesn’t.”

“Obviously you need a much much bigger newsroom to achieve that goal. My gut tells me to achieve that revenue goal you need to double the size of the newsroom.”

A 500-person newsroom would put Politico’s editorial staffing on a par with all but the world’s largest newspapers, though still short of the more than 1,000 journalists employed by the New York Times.

Privately-held Politico does not reveal its revenues but has said they grew 25% in 2014 and that it was profitable.

The company’s co-founder and editor-in-chief John Harris said last month the European expansion, which is a partnership with German publishing giant Axel Springer, was backed with a “substantial, seven-figure commitment”. The company has already hired almost 40 journalists for the European operation, which is based in Brussels with hubs in London, Paris and Berlin.

In total, Politico currently employs 322 people in Washington, 50 in New York and 95 in Europe. Last week, it announced it was launching branches in Florida and New Jersey, as well as rebranding its Capital New York title as Politico New York. VandeHei says the US editorial workforce will grow as the organisation expands within the US, putting half a dozen journalists in each state in which it launches.

“The remainder of this year will be very much focused on US state expansion and on the European expansion. Any overseas expansion will happen in the new financial year. This year will be more resources poured into Europe, particular the member states, places that are very attractive to us our Berlin and London in particular.

VandeHei says advertisers are willing pay for access to the elite audiences Politico is targeting in the US and abroad, and many of those involved in policy, politics and related areas are prepared to pay for access to specialist information.