Venture Capital funding for Lesley Eccles' Hubdub
Lesley Eccles and husband Nigel have favourably pitched for a first finance round, according to their press release. News prediction site Hubdub has secured £810,000 in Series A by investors Pentech Ventures, Scottish Co-Investment Fund and some angel investors. the reason why this deal has gone forward in the downturn according to Lesley is because Hubdus is 'stay-at-home entertainment'.
Hubdub allows users to predict on the outcome of news stories, by placing bets on the outcome of thousands of running news stories, covering the likes of politics, sport, business and entertainment. It was launched in January 2008 in the US market and in November 2008 in the UK, and already has a quarter of million unique visitors trading around 100,000 predictions per month. Engagement around news is the new recipe for online media companies to be able to have a sustainable business.
The business model is generating revenues through partnership with news sites, such as The Huffington Post, Reuters and The Independent. The benefit of these news sites is to engage their readers, keeping them online longer and returning on a regular basis.
Prior to starting the company Lesley Eccles was a management consultant in technology, media and sales & marketing, while Nigel was working in a news media and for start-up online betting companies.
Hubdub along with 34 other of the UK’s top digital/tech companies have been selected to go on Digital Mission to the South By South West Interactive (SXSWi) conference.
For an example of a bet: WILL HILARY CLINTON BECOME PRESIDENT OF THE US?
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