Summary:

Car news and reviews site network High Gear Media has raised a $5.5 million second round. It will use the money to improve its technology pl…

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Car news and reviews site network High Gear Media has raised a $5.5 million second round. It will use the money to improve its technology platform and build on its collection of 38 auto-related websites. The round was led by DAG Ventures, a new investor. Previous backers Accel Partners and Greylock Partners also participated. The Palo Alto-based company raised a $6.5 million first round in November 2007, bring the total raised to $12 million. Although all automakers are struggling mightily in the recession, HGM’s promise of delivering in-market car buyers could be enough to attract some advertising from struggling car makers and related marketers. HGN says that it is now profitable. Release (via PEHub)

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