AllBusiness.com has $12.4 million in Series C funding, led by new investor Sutter Hill Ventures. The round also includes current investor VantagePoint Venture Partners and new strategic investor Reed Elsevier Ventures. Sutter Hill’s Greg Sands will be joining the board. AllBusiness.com will use the new funds to invest in audience growth, infrastructure development and product expansion. Press release.
—VantagePoint put up the entire $10 million for AllBusiness.com’s Series B back in July 2004.

Update: A little more from a conversation with AllBusiness.com CEO Peter Horan, who reminded me that the company drew down only $5 million of that Series B financing. He calls this round “one of the real big building blocks for us.” Some will go toward traffic building; he said monthly uniques have tripled from 500,000 or so last summer. Some may go to small acquisitions but “we’re not going to run out and buy Motley Fool.” As for the strategic relationship with Reed, “they invested cash in the round and separately we’re looking at how we can work together.” One example—still blue sky because details are under discussion—would be working with Reed’s Lexis Nexis to provide business info to law firms.

Related: Interview: Peter Horan, CEO, AllBusiness.com