Instamedia, which is best known for its Instablogs citizen journalism platform, has raised $4 million in a first round of funding from Times of India-owner Bennett, Coleman & Co. Ltd. The Instablogs site lets anybody submit an original article a la NowPublic or link to an existing news story anywhere on the web.
The Indian company also has several third-party blogs in its network, which it “assists” with ad sales and also features on the Instablogs site. All in all, it says sites in its network get 10 million pageviews a month.
The company says it will use the new cash in part to increase the size of its network of writers and also to launch “local sites targeting the European and U.S. audiences.” Instamedia had previously raised a seed round two years ago from Vishal Gondal, the founder and CEO of Indiagames.