Blog Post Receives A Big $20 Million Round From Polaris

imageYou’re reading it here first: The other day we mentioned‘s fifth round of funding…turns out it is much more than the amount we mentioned there: the NYC-based broadband video firm has received $20 million in this round of funding, all from Polaris Ventures. The venture firm invested $10 million in the company early last year.
The funding will be used to expand network internationally and to create additional new services. The company claims that in 2006, its revenues grew by 350 percent.
Earlier this fall we started hearing tips about the company being up for sale …those rumors didn’t pan out and presumably the company decided to go ahead on its independent path.
Simon Assaad, the co-CEO of Heavy, will be on a panel is producing at NATPE next week, where we will discuss creating content for a multi-platform world, and I will ask him about this funding and plans going ahead.

4 Responses to “ Receives A Big $20 Million Round From Polaris”

  1. Congratulations to Simon, David and the rest of the team at Heavy. I used to be at Polaris and worked on the original $10M investment in Heavy. From first hand experience, Simon and David are two of the more inspirational and well-deserving founders in the new medium of online content. I also know the diligent investment process at Polaris and the commitment they have in the space and Heavy, specifically. Congrats to Mike Hirshland and best of luck to what will surely be a successful outcome. I have some pretty good ideas of how and where the money will be spent and look forward to hearing continued success coming from the team at Heavy.

  2. whoindatgarden

    you got to be kidding me. I guess there so much money out there and so few unique ideas that these guys are all hopping onto something like a heavy.
    Well they said never again will there be a hype cycle / bubble around Internet startups. Here and now we are seeing the makings of it once again with the many Social networking and video download service sites and UGC based services. My guess is the guys who invest in these things are people who are gambling and also connected to the "Yahoo's and Google's " of the world, thereby they create this false notion of hugely popular sites and then hope to be bought by the likes of the Yahoo's.
    This is a racket and nobody in the Public companies is acting with any fiduciary responsibility to the shareholders at all.
    The notion that any of these sites are profitable is a questionable and according to some of the reports published Heavy is one of many I would guess to have fibbed and pumped up traffic numbers.
    Well then again hey kudos to these guys to be able to convince and pull a fast one over the investors. After-all most of these people tend to have the "follow the herd" mentality.