Magnify.net Funded
February 12, 2007 06:50 PM PST by Pete Cashmore
Magnify.net, one of the video sharing startups that launched at DEMO, has raised $1.2 million in a first round of funding led by New York Angels and NextStage Capital. Other investors included Chris Anderson of the TED Conference, Active Angel Investors of Washington DC, and Stage 1 Ventures.
We didnt write much about Magnify.net on launch day, but its essentially a quick way to build your own YouTube. Users can set up a site like amazingcheesevideos.magnify.net and instantly create a niche video site. You can also choose from templates or add your own css. Users can upload clips to these sites and you have a control panel to manage them - that should raise some interesting issues after Bolt.com found itself in trouble regarding copyrighted content.
I also get the sense (although I may be wrong) that Magnify is aiming for the long tail of the market: while other video platform providers seek partnerships behind closed doors, Magnify is open to all comers. Thats not to say theyre not pursuing higher profile clients, though: weather.com has a video section powered by Magnify. Ning seems to be a rival, as do VideoEgg, Vidavee and others.
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