This story was written by Rafat Ali.
Online video services provider Magnify.net, based in NYC, has raised about $500K in new funding from its previous investors, bringing the total funding in the company to less than $3 million, CEO Steve Rosenbaum told me earlier today. The previous investors were Next Stage Capital, New York Angels, Rose Tech Ventures, Active Angel Investors, Chris Anderson and other individual investors. The latest round is still open for another $500K, and closes end of Sept, according to the SEC filing on this round. Rosenbaum said the company is close to break even, with 12 employees and clients such as New York Magazine, Etsy, Weather Channel and others. And it hasn’t raised gobs of money as other online video startups have done, so that helps in what is still a heavily competitive field. This evening it launched a new product called Eventcaster, which aggregates videos from an event, along with Twitter, Flick and other social media tools.
By Rafat Ali