Ripe Raises $32 Million In Second-round Funding; Backers Include TW, Hearst-Argyle

Multi-platform VOD provider Ripe Digital Entertainment announced a $32 million second round today. Investors included Hearst Argyle, Time Warner Investments, Columbia Capital LLC, and Rho Ventures. Hearst-Argyle television was the sole investor for the first round last October, putting up $5 million. The company is touting it as one of the largest investments in a digital entertainment company this year. The capital will be used to launch additional On Demand networks, build out the broadband and mobile strategy and accelerate development of measurable advertising and “compelling programming.”
RDE (guess it does sound more formal than Ripe) already has two multiplatform networks RipeTV, launched last October, and OctaneTV major advertisers include Cingular, P&G, Dige and WB On Demand.
The founders are Zentropy founding partners Ryan Magnussen, CEO, and Patrick Bradley, president. Release.
Related: Ripe.tv Set To Launch; Gets $5 Million Investment