January 30th, 2007 by Wendy McAuliffe
UK blog network Shiny Media has today secured a landmark $4.5m worth of investment from Bright Station Ventures, a new fund set up by City figure Dan Wagner.
Ashley Norris, co-founder, makes no attempt to hide his delight on Shiny’s blog:
“I don’t have a great deal to say at this moment other than to state the bleeding obvious that we are hugely excited about how we can use the cash to develop Shiny.
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.”
According to Vecosys, Shiny may have sold up to 50 percent of the business, but even so, the deal sets a marker for the commercialisation of blogs in the UK.
Read here about how Shiny Media plans to spend the money.