Local search engine and online video ad provider Fave Media has raised a $1.6 million first round financing. The funding was raised by private investors, who were not identified. The Chicago company’s site, GetFave.com, is nearly four months old. At the moment, Fave Media is concentrating its efforts solely on local businesses in and around Chicago. It claims to have 350,000 businesses in its database and that its site has attracted 80,000 unique visitors. Another of Fave Media’s claims is that on average, users have played about 50,000 video ads per month. The funding will go toward extending its Chicago reach, while it prepares for a national rollout later this year. As part of Fave Media’s plans to go national, the company is considering seeking an additional round of funding. Release