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Instablogs.com seeks $3 million of funding

Citizen journalism site Instablogs.com is negotiating a $3 million round of funding, reports TechCrunch. Instablogs recorded $300,000 in revenue last year and claims to have over 12,000 registered members and witnessing more than 2.5 million page views a month.

Citizen journalism site Instablogs.com is negotiating a $3 million round of funding, reports TechCrunch. Instablogs recorded $300,000 in revenue last year and claims to have over 12,000 registered members and witnessing more than 2.5 million page views a month.

The company plans to use the funding to expand its business model, hire key management, technology development, partnership and alliances with more news agencies, to invest and retain core writers, and online and offline advertising.

Instablogs was originally launched as a blog network by Ankit Maheshwari in October 2005. Over the time, the website has changed to become predominantly a citizen journalism site complete with mainstream media syndication deals.

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