NY-based online health company Waterfront Media has raised $25 million in a fourth round of funding led by Scale Venture Partners. Other participants were Foundation Capital and existing investors Rho Ventures, Time Warner (NYSE: TWX) Ventures, BEV Capital, and Neocarta Ventures. The company plans to use the funding to bolster its flagship Everyday Health Network, which it claims comes second only to WebMD (NSDQ: WBMD) in the very crowded online health space. In particular, the company wants to expand advertising opportunities and pursue acquisitions. Waterfront Media, which began with subscription-based health and wellness newsletters, has been raising money for some time, including a $6 million round in 2006 and $4 million in 2004. It also took $8 million in debt financing earlier this year. Release.