Greentech Media raises $825K to fund new services

Greentech Media, the green technology news site, has brought in $825,000 in new equity toward a target of $1.25 million from existing investors.

There were rumors circulating that Greentech Media was done raising money, having grown by leaps and bounds in recent months. But president and chief executive Scott Clavenna says the new funds were brought in to help the site pursue several new initiatives — particularly consulting services for green companies, as well as more extensive market research and conference activity in the next year. It has also revamped its site — placing more emphasis on smart grid and green enterprise coverage — and added additional headcount in a tight economic climate.

The Cambridge, Mass., based company is coming off a $2.75 million second round of venture funding raised in May of last year, and Clavenna says the new financing is more of an extension to that fund than a new round.

“If we we had a technology and it was taking a little longer than expected it would be different,” Clavenna says. “But we’re an operating company learning our way through the market.” He added that July and August have seen record traffic, and that the consulting offerings, while not built into the company’s original business model, are taking off.

Greentech Media, an indirect competitor to VentureBeat, was previously backed by Egora Holding, King Hill Capital and Massachusetts Green Energy Fund.

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