SoftBank Capital invests in The Huffington Post

Venture capital firm SoftBank Capital has announced that they are investing as much as $5 million in the Huffington Post, which is an online news and blogging site, run by political commentator Arianna Huffington.

Interestingly this investment is the first venture capital funding for the popular website. They also received some investments from Alan Patricof’s Greycroft Partners.

The project was initially started with around $2.5 million raised from friends and family and it is currently supported by online advertisement revenues.

These extra funds would be used for the expansion of the services and content provided by the website. The group plans to hire staff to keep the project updated 24×7 and would be taking in in-house reporters as well as multimedia staff to do video reports.

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