â??Weâ??re looking not just for capital, but smart capital,â? stated RedLasso CEO, Ken Hayward. â??We need to be aligned with an investor who brings an air of trustworthiness within the media industry, to help us show that weâ??re a friend to the content producerâ?¦ that weâ??re a solution provider.â?
To make the news more entertaining, bloggers need video. Â And Redlasso is the only site that allows bloggers to search for national and local TV/radio broadcasts for sharing. Â Some of the hot clips on the site right now include John McCain & O’Reilly Debate Torture, [John] Kerry Yells At MSNBC Over Wright, Miley Cyrus Apologizes for Photo Controversy, and Cowboys Quarterback Tony Romo is a horrible singer.
Bloggers have to request for an account and the latest that users can search for video is around 7-8PM Central Time. Â
RedLasso is based in King of Prussia, Pennsylvania. Â The site makes money by sharing advertising revenue with the multimedia content producers and syndication companies. Â RedLasso videos are created using Flash.
Thus far, RedLasso has raised $7.9 million from Anthem Capital, Osage Ventures, and Guggenheim Opportunities Investors. Â Angel investor, Pat Croce provided RedLasso with seed capital. Â And RedLasso had $1.5 million in bridge financing. Â RedLasso is expecting $500,000 in revenue this year and $9 million next year.
 Private Equity HUB: RedLasso Looks to Rope New Round