Heavy.com Receives $20 Million

Update: Background information added.

Heavy.com has received $20 million from Polaris Ventures in its fifth round of funding, the company formally announced today. paidContent broke the number last night. We had previously mentioned the round when PE Week discovered regulatory documents showing it was worth at least $12.8 million.

Last week videobloggers discovered that their shows were being ripped off on Heavy’s MyHeavy community site. They have since been taken down. Heavy has also been accused of padding its traffic with pop-ups.

Polaris had invested $10 million in Heavy about a year ago. While Heavy reportedly isn’t up for sale, it seems to be selling itself piece-by-piece to Polaris, which now owns more than a quarter of the company.