Magnify.net Raises $1.2 Million
Magnify.net, the self-serve white-label web video service we covered earlier this month, has closed a $1.2 million round of funding.
The round was co-led by New York Angels and NextStage Capital, and included Chris Anderson of TED Conference (not Wired) fame. We had mentioned the impending investment, which includes bridge funding from last year, in our last article. It will be formally announced tomorrow.
Magnify CEO Steve Rosenbaum said today the company has seen a lift in interest from viewers, channel creators, and developers following the company’s launch at the DEMO Conference. The site now powers 2,300 channels, up from 2,000 generated during its beta period before DEMO. The company plans to apply the funding to building features, cutting partnerships, and adding a presence in San Francisco, Rosenbaum said.
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