B5media, a blog media network based out of Toronto, and has raised $2 million of funding, co-lead by Brightspark Ventures and J. L. Albright Venture Partners. The company will use the funding to “increase the depth of the content in its existing vertical, launch properties in new verticals, and increase distribution channels,” it said.
The company has about 150 blogs, ranging from entertainment and news to technology and sports.
One of the VCs, Rick Segal writes about this investment on his blog, and lays out all the skepticism that may come with such a funding, and then answers the skeptics: It is “An opportunity to grow a business that is about the intention economy.  While many will dismiss this as just blather about making money with ads, I believe there is more to it and b5 represents a good opportunity (and great team) to test out/play out some of these ideas.”
It is a tough play, and will remain one however you slice and dice it...most of such networks are following the Weblogs Inc. template, and the exits, if any, will become increasingly slim for generalists networks.