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Sugar Inc., the online media network for women, announced today it has acquired video shopping site Shopflick.com, secured $16 million and plans to expand its content categories into online video, film and television.
Shopflick is a video marketplace where indie boutiques can hawk their wares through demo videos (previous coverage). Launched in April of last year, the company was built to fill the gap between individual artists and QVC. Shopflick had raised $1 million in angel funding and taken $7 million from Panorama Capital and Venrock in July 2008.
It looks like Sugar will be breaking out its wallets more often; the company just got $16 million in Series C funding from existing investor Sequoia Capital and says it will use the money to fund acquisitions and international expansion. As part of this transaction, Sugar is buying back shares it sold to NBC (s GE) in 2007.
The moves to diversify Sugar’s business will fall under the moniker Sugar Digital Entertainment. The Los Angeles-based unit will expand beyond blogs into other content formats like online video, TV, film and video games. David Grant, CEO of Shopflick (and former president of FOX TV Studios) (s NWSA) will become Sugar Digital’s president.