Fav.or.it Secures Funding - Pushing into corporate blog tracking
By Stewart Townsend on Feb 15, 2009
Feeds and commenting aggregator fav.or.it has closed a new round of funding totaling nearly £500,000. The bulk of that has come from angel investors but £125,000 came from the Finance South East fund, a government-backed fund set up to support startup businesses. The funds will be used to expand the development team and also hire a dedicated marketing and sales force.
fav.or.it has thus far been designed to simplify interaction with
news sites and blogs. But it’s now adding a new string to its business
model: making it easier for companies to track what people are saying
about them on blogs, social networks and Twitter. However, this won’t
be brand tracking. Instead, brands would be able to pay for channels
that aggregate the conversation around their brand/product and use it
to engage with customers.
Launched in beta in October 2007 and public from June last year,
fav.or.it - founded by CEO Nick Halstead - aggregates content from
thousands of blogs and websites and streams them into a network of
vertical channels, having been a Startup Essential member since then, startup essentials worked together to help grow fav.or.it gaining PR on sun.com and in the FT as well as many public quotes in other mainstream press. Nick has recently moved to MySQL Enterprise to make certain he is ready for the growth and scaling the business will need over the coming months, and is prepared for that now.
Halstead has also launched a new property, FeedBroker. This separates some of the functionality into a new site which would allow for licensing feeds external to fav.or.it. Feedbroker lets content owners specify terms under which their content may be used and allows them to take payments on a pay-per-post basis, for instance. In other words, fav.or.it wil share ad revenues with publishers, so it’s not just taking the content and re-publishing it.