UK’s Shiny Media secures $4.5m in funding

The UK’s Sunday Times newspaper yesterday broke the news that Shiny Media have secured US$4.5m worth of funding, thanks to Bright Station Ventures who now take a 50% stake in the company.

It sounds as if things have moved fairly quickly on this one. Though there’s an official announcement on Shiny’s blog, I believe there are still some final steps (probably including a certain amount of legalese) before the deal is completely sealed. But don’t quote me on that…

Ashley Norris, CEO of Shiny Media, writes:

We started Shiny with nothing other than some great ideas and a passionate belief in the potential of blogs. We now attract almost three million readers each month to our 22 sites, employ over thirty bloggers (some full-time, some freelance) and regularly attract big name advertisers.

We have come a very long way in a short space of time with no money. The investment will help us make some of more ambitious dreams realities.

Of Bright Station Ventures, The Sunday Times writes:

Bright Station Ventures, as the new firm is called, hopes to offer an alternative to traditional venture capital. Wagner said: “There are businesses that could have been massively successful but they were denied the resources to fast-track a fabulous idea. There’s got to be a different way of doing this.”

Dan Wagner – who apparently once turned down the opportunity to invest US$1m in a 30% stake of a fledgling eBay – set up Bright Station Ventures after raising $100m from wealthy contacts, and has partnered with Shaa Wasmund.

It’s encouraging that they’ve invested in a truly British company, given that the Sunday Times article suggests that they were previously ‘humiliated’ by a prospective UK investor. Hopefully, that’s all water under the bridge, and it’s onwards and upwards for both companies.

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  1. […] Andy Merrett at The Blog Herald covers a $4.5 million investment into UK blogging network Shiny Media. Insert the old fogy sound here as I remember when Shiny Media consisted of all but one blog, but a good one at that. Congrats to the team at Shiny, $4.5m @ 50% sounds like a reasonable, fair and equitable investment for a blog network, and as some one who has been following your progress for a number of years, I know that it is well deserved. But one question: Real English or US English on your blogs? it’s the 99 million dollar question […]