Shiny Media takes 4.5 Million Dollars in VC Funding
Rafat Ali is reporting that Shiny Media has received 4.5 Million in Venture Funding. This is the second blogging firm to receive venture capital in as many months. I’m a bit shocked that a new media group would give up 50% of their publishing firm for 4.5 million.
Taking this kind of money is definetly a huge risk. Venture capitalists are definetly going to want to see some good return on their investment
UK-based blog media company Shiny Media has received a relatively big $4.5 million in funding. The round was led by a new VC firm called Bright Station Ventures. Shiny was founded by three freelance technology journalists in UK in 2003, and now the company has 22 blogs and says it gets three million readers each month, and employs over thirty bloggers. With the funding, BrightStation gets 50 percent stake in the company, this Times UK story says.
Brightstation is a new VC firm founded by the flamboyant UK entrepreneur Dan Wagner, with a total fund size of $100 million. Wagner bought business info service Dialog in 1997, then sold it, missed investing early on in eBay, and then went on to do bunch of other startups.