b5media takes $2m in VC funding
b5media, one of the larger blog networks, has accepted $2m or so in VC funding from Brightspark Ventures and J.L. Albright Venture Partners.
Initial details over at Rick Segal’s blog:
But before you pick up that rock or fire off that rant, how about a well done for Jeremy, Duncan, Darren, Shai for working hard to build a business, actually have revenue (!), and showing the passion, excitement, and drive that, in the end, will matter the most. Well done, folks, well done.
As a part of the deal, Rick Segal will be joining b5media’s board as Chairman along with Mark Skapinker, Managing Partner at Brightspark. Their first major new hire will likely be a new head (Director/VP) of Sales – which will be a nice add to help drive sales and profits.
In addition, Shel Israel, who has been working with b5 during their VC funding rounds, will likely join in some sort of advisory capacity. Rick hints at this in his blog post as well.
Our own Aaron Brazell will join b5media fulltime:
I will be joining b5media full time as the Technology Manager, but I think Technology Architect/Strategist is more descriptive.
I also expect other b5media folks to come onboard fulltime as well…
b5media’s official press release is up here.
Darren Rowse posts some thoughts over at b5media’s blog.
Congrats to the gang! Now we’ll see where things go..
More details coming…
Yep, just heard. Great stuff for the b5 guys and gal and the team of bloggers.
I expect a b5 party! ;)
will this redound to the benefit of its roster of bloggers?
So what will this actually do for them?
Touche: There are a number of things that will be detailed further in the future that will benefit our bloggers. Some of these things will become public knowledge while others will not. Through this whole process and even since the beginning of b5, the network has always and will always key on the bloggers who make the network great.
Darren: Though b5 has been profitable, the infusion of cash will allow us to tackle issues that slow our growth. Issues like architecture and hardware, paid staff that will be able to devote their time to the health of the network instead of splitting interests in order to pay the bills, and continue to enter into things that enhance our channels – or as the business folks like to call them, verticals.
Well good luck to you guys. Congrats on the financing.