MOREOVER.com RAISES $21 MILLION IN FINANCING ROUND

By: Lucia Moses Reuters, Advance Publications Among Investors



The San Francisco-based Webfeed site Moreover.com closed $21 million in
its first round of funding, led by Wit SoundView Ventures and Reuters
Venture Capital.



Another investor was Advance.net, the new-media arm of newspaper
publisher Advance Publications Inc., which also owns Cond? Nast and
Parade.



Moreover.com provides Webfeeds of news headlines to sites. If a user
clicks on a headline, she is taken directly to the full text of the
story on the originating site. Moreover.com has developed 270
customizable, topical feeds from over 1,500 sources on the Web.



CEO and founder Nick Denton says the investment by Reuters is 'a great
vindication of our Webfeed model. Our model is based on the fact that
many Web sites lack the expertise and resources to generate the dynamic,
relevant information and headlines that is required to win repeat
visitors.' The Webfeeds allow sites to replenish their sites daily with
content from trusted news sources, which receive increased traffic from
the headline links.



Reuters Venture Capital co-CEO David Lockwood says Moreover.com is one
of the leading content aggregation businesses online.