Crowd Fusion Raises $3 Million

Crowd Fusion, a New York-based online publisher of vertical destination sites, has raised $3 million in Series A funding. Velocity Interactive Group led the round, and was joined by Greycroft Partners and Marc Andreesen.

PRESS RELEASE

Crowd Fusion, a vertical-focused online publishing company, today announced that it has closed a $3 million Series A investment led by Velocity Interactive Group. Greycroft Partners, LLC and pioneering web entrepreneur Marc Andreessen also participated in the round. Crowd Fusion will use the investment to build out its platform, expand its editorial team and create its first wave of destination sites.

 

“There's no better way to validate an early stage business like ours than to have smart people like those at Velocity, Greycroft  and Marc Andreessen tell the world that they believe in what you're doing enough to partner up with you,” said Brian Alvey, Founder and CEO, Crowd Fusion.

 

Drawing from Alvey's experience building publishing systems to power Engadget, TMZ, Business Week, Capgemini, The Kansas City Chiefs and Venture Reporter, Crowd Fusion's platform is designed to enable the creation of a new class of vertical destination sites.

 

“Crowd Fusion is the perfect complement to Velocity's existing portfolio,” said Jon Miller, Partner, Velocity Interactive Group.  “We believe in Brian's innovative vision for a new publishing company and look forward to seeing that vision through.” 

 

It was also announced that Jon Miller along with Ian Sigalow of Greycroft Partners will join Brian Alvey and Craig Wood, the Chief Technology Officer of Crowd Fusion on the company's board of directors. In addition, Crowd Fusion has added Chief Operating Officer, Judith Meskill, and Chief Marketing Officer, Steve Friedman, to its management team. Both previously worked with Alvey at Weblogs, Inc. and AOL.

 

About Crowd Fusion

Crowd Fusion is an online publishing company with a new platform for building vertical destination sites. The company will be launching the first of its sites in the fall of 2008.. For more information or to contact the team, please visit www.crowdfusion.com.

 

About Velocity Interactive 

Velocity Interactive Group (www.velocityig.com) is a leading investment firm that focuses on digital media and communications. The firm brings a unique approach to investing by bringing not just financial capital, but also human capital to its investment companies. Velocity Interactive Group has a global presence in Palo Alto, Los Angeles, New York, India and China.

 

About Greycroft Partners 

Greycroft Partners is a venture capital partnership formed to invest in promising digital media companies, including both business and consumer-focused ventures. With offices in New York and Los Angeles, Greycroft leverages an extensive network of media and technology industry connections to help their portfolio companies gain visibility, build strategic relationships, and successfully bring their products to market. 

 

About Marc Andreessen

One of the few people to pioneer a software category used by more than a billion people and one of the few people to co-found two billion-dollar companies, Marc Andreessen is an entrepreneur, investor, and blogger.

Marc's current focus is Ning which allows anyone to create their own social network.BeforeNing, Marc co-founded Opsware (formerly known as Loudcloud) and Netscape.

Some of his current and prior investments include Digg, Del.icio.us, Twitter, Netvibes, Outside.in, Revision 3, Fon, LinkedIn, Meebo, Funny or Die, Scribd, and Wikia. Marc is also on the board of Facebook.