San Diego News Network, a local news startup founded by Neil Senturia, a local technology entrepreneur and involves many execs from San Diego Union Tribune—former SDUT online head Chris Jennewein is the site’s president—has raised about $707K in funding, out of a $2 million raise effort, from a total of 12 investors, according to an SEC filing. The company has about 1619 full time staff, according to this Forbes.com story, and works with 23 freelancers and 12 bloggers…more about the staff here. The site is competing with SDUT, of course (now owned by PE shop Platinum Equity), and the non-profit startup Voice of San Diego.

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Update: I spoke to Senturia and Jennewein about the funding and plans. They have raised almost all of the $2 million planned, an update on the SEC filing. He told me a second site focused on Riverside in SD area is about to rollout, and then he plans to take the model national, in a phased way. He said they have been talking to other local investors across the country and will attempt to go in more cities starting the end of this year. His belief: ultimately, it will have be a national network of local sites for the model to work. On SDNN, he said they will start to break even by the end of this year.