Three Netcos land sizable second-rounds
Even though the Internet content arena has mostly fallen out of favor with investors who are now partial to technology plays, three content providers last week managed to buck the trend by scoring sizable coin in second rounds of financing.Animation provider Wild Brain last week announced that it closed a $20 million round of financing, up from $6.5 million in its first round. The investment was led by InterfaseCapital Partners, who also contributed to the Netco’s first round. “This second round of support validates our efforts and the vision we’ve had for the company from the start,” said Jeffrey Ulin, CEO of Wild Brain. “We hit our stride as the top producer of animated commercials and are now building a strong content library across digital and traditional media, together with a distribution ability.” Powerful second round Gotham-based Powerful Media, the parent company to Inside.com, raised $23 million from investors including KPE, Lehman Brothers, Flatiron Partners, Jupiter Communications and Goldman, Sachs. “We are pleased to join our investment partners in this financing round and are looking forward to the success of Inside.com and other Powerful Media ventures,” said KPE CEO Mark Patricof. KPE will also provide technological support to Powerful Media’s Web sites. In addition, entertainment Web site Sputnik7.com announced that the company closed a $7 million second round of financing from Relight LLC and Avalon Investments, among others. The funds will be used for business development and marketing.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!