UK Blogs Aggregator Fav.or.it Gets £500,000 Funding

imageBritish blogs aggregator fav.or.it has managed to secure £500,000 of what’s called second-round funding, despite the recession from a mixture of angel investors and £125,000 from Finance South East, a development fund for the south east of England, founder Nick Halstead blogs (and via TCUK). The money is going to be spent on expanding the site and hiring marketing and sales teams.

Though until now there might not be a huge deal to differentiate it from the more successful and well-known news aggregators like Digg since its October 2007 launch, fav.or.it’s business model is now expanding to providing social conversation channels for brands.Halstead is also launching a new service, FeedBroker, which will license external feeds’ interaction with fav.or.it. Fav.or.it got a seed round of an undisclosed size back in December 2007.

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