Despite the tumultuous economic times, Arianna Huffington has managed to find funding for HuffPo -- an in a political off-season! We're not surprised, that sexy Greek accent weilded like a stiletto could charm anyone, including Jersey City Mayor Cory Booker, into virtually anything. Anything! From Paidcontent:
"After weeks of denials and 'no comments,' political blog The Huffington Post has closed a $25 million third round funding from Oak Investment Partners, the company said in an e-mailed press release this morning. We reported earlier about a $20 million and above round with post-money valuation in the $110 million range. This probably puts it right at $115 million.
"The company said it planned to use the proceeds to support general growth efforts and for 'focused acquisitions.' HuffPo also wants to build up its in-house ad sales team, as even the internet is succumbing to the wider economic turmoil. The three-year-old HuffPo had previously raised roughly $12 million from Softbank Capital, Greycroft Partners, co-founder Ken Lerer and Bob Pittman.
"On the content side, the $25 million will go towards the jump-starting of a new investigative journalism initiative, expanding its video offerings and a rollout of local versions of the HuffPo aimed at an unspecified number of cities. It already has a Chicago-centric site."
The full story here.
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