Liveblogging service CoverItLive (CiL) has secured $1 million (about $1.2 million Canadian dollars) in a first round of funding. Seed investor Flagstone Capital participated in the round, along with private investor Paul Kedrosky. The Toronto-based startup’s platform lets users post and update content, insert video and images, and set up polls and Q&A sessions in real time. There’s mobile support, including an iPhone viewer; CiL also archives each liveblogging session and provides analytics.

The service is currently free—and some features will remain free—but a “pricing” section on the site details CiL’s possible revenue streams: an enterprise product for large news organizations, which TechCrunch reports will cost between $50 and $500 per month; a white-label model that will license the software to other companies; and of course, an ad-supported version.

President Keith McSpurren also pitches CiL as an educational tool: “We see the software being used more and more in classrooms from grade 4 all the way up to graduate studies ... If putting Macs in schools worked for Apple, offering CiL Enterprise for free to schools should work for us,” he said, in an email detailing the funding to registered users.