Mergers and Acquistions News
Categories: Media & Information Services
January 15th 2009, 16:09PM
Scottish web start-up firm Hubdub has secured £810,000 in funding from two venture capital firms, it has been revealed.
The company has secured the cash from Pentech Ventures and Scottish Enterprise's Co-Investment fund.
Marc Moens of Pentech Ventures explained that the deal will allow Hubdub to expand its partnership base.
The digital media company allows users to bet virtual money on the outcome of real news events, something it says makes things more exiting.
Mr Moens, who will join Hubdub's board, said: "While off-line ad revenues are slumping, news media companies are aiming to build web businesses with significant user engagement."
The service offered by the firm will allow media companies to build this engagement around their content, he added.
Hubdub was launched on January 28th 2008 and currently has partnerships with other media sites such as Reuters, the Independent and the Huffington Post, which help provide it with content.
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