Ok, we confess, we thought the TechCrunch party in February marked the peak of the latest media/Web 2.0 financing wave.

But it is raging on. John Battelle, who runs a group called FM Publishing, which helps bloggers join into a network so they can bargain more effectively with advertisers who are relevant to their sites, has just raised more cash, this time a round of venture capital led by JP Morgan Partners.

Check out his little story about how — surprise — a deep personal relationship is behind the investment by JPMP. Dramatic little insight, too, into how JPMP wanted to back Battelle’s former magazine, the Industry Standard, even as it struggled at the brink of death back in 2001. JPMP was prevented from doing so by another major investor, Battelle explains. Industry Standard died.

We seem to have forgotten about the blood-sport that is VC. Times are pretty good. Greenbacks are flowing. Indeed, next up: Podtech, another podcasting company, raises serious cash. Wee!