Blog Post

News Sharing Site Digg Gets $8.5 Million Funding; No Monetization Worries Yet

Digg, the much-hyped news sharing site Digg, which had been the subject of numerous M&A rumors, has received another $8.5 million in a new round of funding, reports VentureWire (through VentureBeat). The round was led by previous investors Greylock Partners and the Omidyar Network. Previous to this it had raised $2.8 million funding.
The site has expanded from its tech news focus to other areas and has also integrated video into its site. There has been controversies regarding its traffic figures and the voting system. Of course, all of this to understand how popular Digg really is.
Dow Jones Newswires: Digg is looking to hire new developers and consolidate its position among the leading media portals….For all of its massive growth, Digg has yet to reach profitability, and may find itself lacking a partner as other services have already been acquired by larger media players, the story says. “Our board and investors did not want us to focus, at any time, on monetization at this stage,” said CEO Jay Adelson. “Our focus has been on user growth.”
Related:
Digg Cofounders Launch Video Podcasting Firm Revision3; Get $1 Million Funding
BW: OMG, Like, Totally, Digg
Digg Expands Site Beyond Tech; General News Site