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Summary:

HuffingtonPost, the uber-blog, has quietly raised another $5 million in a second institutional round of funding. The round included all prev…

HuffingtonPost, the uber-blog, has quietly raised another $5 million in a second institutional round of funding. The round included all previous investors: Softbank Capital, Greycroft Partners, CEO and co-founder Ken Lerer and Bob Pittman‘s Pilot Group personally (not through his fund, but personal investment). Earlier this evening USAT published a profile of Arianna Huffington, and casually mentioned that the company raised a total of $10 million…that’s what caught my eye and I confirmed through sources the second $5 million round which closed recently.

From the USAT story: the company feels the coming elections is its moment. The staff has grown from three to 43 full-time employees. And while it’s still a politics-driven, anti-war site, HuffPo wants to become an all-purpose digital newspaper, with recent new sections devoted to lifestyles, business, media and entertainment.

Of course, building on top of free, in more ways than one, helps: Co-founder Lerer says it has no plans to begin paying bloggers, the story says. Ever. “That’s not our financial model…We offer them visibility, promotion and distribution with a great company.”

Disclaimers: Greycroft also invested in our company, and we have a small headline syndication deal with HuffPo on its media page

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  1. Surprised to read that they dont pay their bloggers :s

  2. Jesus, 43 people on the payroll. Raising money…"to pay their staff"… wow, who got suckered on this deal? Are theglobe.com founders still involved in the internets? I do read the HP but I bet Drudge doesn't have these kinds of overhead costs to produce what is essentially the same stuff…

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