Monday, December 1, 2008

Huffington reported to take $25M from Oak Investment

By Galen Moore

Oak Investment Partners Inc. will put $25 million into The Huffington Post Inc., and, as part of the deal, Oak partner Fred Harman will take a seat on The Huffington Post board, according to the site All Things Digital.

Oak joins previous investors Softbank Capital and Greycroft Partners. The $25 million round is The Huffington Post’s third financing and brings the media company’s funding to $37 million, according to a later report by TechCrunch.

The Times of London had reported early last month that the liberal news aggregator and opinion site was seeking $15 million from the Westport, Conn.-based venture capital firm.

In January, Huffington announced the opening of its first local edition, focused on the Chicago market. Monday’s release says the company will use the additional funding to establish new local editions and add online video and citizen journalism initiatives. 

Oak Investment Partners could not be reached Monday morning for comment on the report.