Next New Networks – $15 million From Velocity Interactive Group And Goldman Sachs

Michael Arrington

J. Michael Arrington (born March 13, 1970 in Huntington Beach, California) is a serial entrepreneur and the founder of TechCrunch, a blog covering startups and technology news. Arrington attended Claremont McKenna College (BA Economics, 1992) and Stanford Law School (JD, 1995) and practiced as a corporate and securities lawyer at two law firms: O’Melveny & Myers and Wilson Sonsini Goodrich... → Learn More

Wednesday, March 12th, 2008

next-new-networks-logo.pngGoldman Sachs and Velocity Interactive Group have put another $15 million into the online TV site Next New Networks, the company will announce shortly. The company, which launched in January 2007, had previously raised $8 million from Spark Capital, Saban Media Group, Pilot Group, and Bob Pittman. All the previous investors put more money in and Jonathan Miller from Velocity Capital was already on the board of the company.

The company says it has had 33 million video views so far in March across its 12 video networks, which include Barely Political (home of Obama Girl), Channel Frederator (cartoons), ThreadBanger (DIY fashion), and Veracifier (daily news). Next New Networks also announced a deal with AOL today to distribute its videos.

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