Missouri start-up Newsy.com, which was founded by Jim Spencer, a former vice president of Ask.com, has raised the money from a group of angel investors, it announces in a press release. The company has previously raised $750,000, a spokesperson told Journalism.co.uk.
The new funding will go towards building revenue and distribution streams for Newsy.com, as well as increasing its news operations, said Spencer.
The site monitors world news coverage and compares different media's reports and angles on the same international and domestic news events. It adds its own research and reporting before producing a two to three minute package on the news item, which tries to highlight the context of the news story and the key differences in how it is being reported.
The company has already developed an iPad application and has applications for iPhone and Android smartphones.
Newsy.com has worked with the University of Missouri, offering its students work experience with the site, and has a partnership with cable TV company Mediacom for which it provides video packages for an on demand service for subscribers in the Missouri area.
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