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Softbank Capital invests $5 mln in Huffington Post

August 7, 2006

NEW YORK (Reuters) – The Huffington Post, an online news
and blogging site run by political commentator Arianna
Huffington, said on Monday that it has received a $5 million
investment led by venture capital firm SoftBank Capital to help
it expand.

The investment marks the site’s first round of venture
capital funding. Alan Patricof’s Greycroft Partners also
invested in the latest round, the Huffington Post said in a
statement.

The Huffington Post, www.huffingtonpost.com, was launched
with about $2.5 million raised from friends and family,
Huffington said in an interview. It runs on advertising
revenue, but Huffington said she wants to expand the site’s
offerings.

“Advertising would not be sufficient for this expansion,”
she said.

Plans include hiring staff to update the site 24 hours a
day, and hiring in-house reporters as well as multimedia staff
to do video reports, Huffington said.

The investment is the latest sign of interest in online
news operations as traditional media fight to hold on to their
viewers, readers and advertising dollars amid blogs,
Internet-only news and other free options.

Huffington launched the Huffington Post site a little more
than a year ago. She touted it as a place where celebrities,
political figures and a varied list of invitees could post
their musings — often on political topics of the day —
alongside wire dispatches and other news reports.

The site now contains blog entries from more than 750
contributors, including recent ones from playwright and film
director David Mamet and actor Alec Baldwin.


Source: reuters



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