Revision3 Raises $8 million From Greylock
Written by on June 24th, 2007 in Ajax News.
Online video site Revision3 has raised a second round of financing totalling $8 million, according to a source close to the deal. Our understanding is that Greylock led the round. Greylock was also the primary investor in Revision3’s $1 million first round of financing. News startup Digg, which shares founders Kevin Rose and Jay Adelson with Revision3, also raised money twice from Greylock.
Revision3 now has exclusive rights to ten shows, although Diggnation is by far the largest and most popular. Revenue is generated via integrated advertising, where the show hosts discuss the advertised products directly.
This rumor has not yet been confirmed by the company…our source also says that CEO Jay Adelson may soon be stepping aside and focusing exclusively on Digg, which he also runs. The company may have already begun a new CEO search.
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Source: TechCrunch
Original Article: http://feeds.feedburner.com/~r/Techcrunch/~3/127469804/