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.
The company 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. Instablogs.com is believed to get about 80 per cent of its traffic from US.
Instablogs 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. [Source: TechCrunch]