Battelle’s FM Tunes Into VC Funding
Author of “The Search” and BoingBoing.net “band manager” John Battelle’s Federated Media scooped up its first round of venture capital funding.
JP Morgan Partners led Federated Media’s (FM) first round of financing for a currently undisclosed amount. The firm joins such initial investors as The New York Times Company, eBay founder Pierre Omidyar’s Network, and techie book publisher Tim O’Reilly in backing Battelle’s venture.
A statement from FM described what the endeavor hopes to accomplish (besides making Hefty bags full of cash, natch):
The inclusion of Digg is notable, as the site has supported itself through placement of Google AdSense blocks throughout its pages. Those Google ads are still appearing on Digg, so their switchover to FM has not happened yet.
David Utter is a staff writer for WebProNews covering technology and business.