Monday, June 1, 2009

Sugar Pours In $16M

San Francisco-based publisher Sugar Inc. said Monday afternoon that the firm has completed a $16M, Series C funding round from Sequoia Capital, and will launch a new, Los Angeles-based unit focused on online video, television, film, videogames, and other content formats. According to Sugar, the new venture round will go towards acquisitoins and international expansion; the firm also said it has repurchased shares it told in 2007 to NBC Universal. The new LA unit is headed by former Fox TV Studios exec David Grant, who was founder and CEO of Shopflick.com; Sugar said it has acquire Shopflick.com, but did not disclose financial terms of that deal.