Magnify.net, a video sharing site that lets users collect and share videos from around the web as well as upload their own, has raised $1 million to use for continued growth. Specifically, the company hopes to expand customer acquisition efforts as well as increase staffing for its Ad Share ad network.
We’ve previously covered Magnify.net here, noting that the site’s unique take on sharing (aggregating videos) could help publishers make money from niche videos. During the writer’s strike, Magnify let us know that they were seeing a 70 percent increase in weekly site videos, which seemed to point to a larger trend in the industry of people moving away from their living room couches and to their computers to watch content.
Just over a year old, the site claims to have over three million visitors a month and over 30 thousand content publishers.
Magnify.net is based in New York. This round of financing comes from all the existing investors including Next Stage Capital, New York Angels, Rose Tech Ventures and Active Angel Investors. New to this latest round are also a few new investors including Ogden Capital and Gideon Gartner, founder of The Gartner Group.