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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