Fotolog secured major investment from BV Capital
In a sign of the growing corporate and capital interest in blogging, photo blogging site Fotolog has announced a $2.4 million investment from BV Capital, an independent venture capital fund, as well as private investors.
BV Capital is an independent venture capital fund with international high profile investors including AOL Time Warner, Stanford University and Mayfield Fund.
Fotolog contiunes to grow in popularity, and welcomed its millionth member last month.
Fotolog co-founder and CEO Adam Seifer said the investment would help Fotolog meet growing demand as digital photography and blogging continue to boom.
“The investment is a testament to the incredible ease and broad appeal of photo blogging, as well as a strong endorsement of Fotolog’s vision for the category,” said Seifer, who posts photographs of every meal he eats at “Get in My Belly“. “We’re excited about giving more people the opportunity to experience the thrill of communicating and connecting online through the power of images.”
“Over one million people have already made Fotolog their home, sharing well over 35 million pictures with people around the world,” said Thomas Gieselman, general partner, BV Capital. “We are excited to be a part of the groundbreaking Fotolog community and to support the emerging photo blogging category, which is rapidly becoming a worldwide phenomenon.”
Founded in 2002 as a small photo-sharing project for a few dozen friends, Fotolog boasts members from more than 200 countries posting over 180,000 photos and one million messages each day. Its evolving network of photo blogs use photographs for every form of self-expression imaginable – from recording the fleeting moments of life, making political statements, and sharing special moments to telling stories, maintaining long distance relationships, and mounting elaborate art projects.
(via media release)
How does the Investor expect to make money out of investing in this Blog photo sharing web site?
Many cannot post comments or upload. The site has got much worse since getting servers upgraded. In my opinion, money would have been wiser spent on getting preoper qualified people who KNOW what they are doing properly to have done the work instead of just the cash. Maybe it would not be losing the many people all flocking to flickr.