Rafat Ali, the founder and editor of ContentNext Media Inc., the Santa Monica, Calif.-based company that publishes PaidContent, Content Sutra and MocoNews has raised venture capital from veteran VC Alan Patricof’s new firm, GreyCroft Partners. The Wall Street Journal reports that the investment is less than $1 million. Mr. Patricof was original backer of Apple Computer and also the founder of New York magazine. In other words, he knows a good thing when he sees one.
“To start a magazine today would cost a minimum of $15 million to $25 million, and you have to spend through three or four years of losses,” Mr. Patricof said. With blogs, “the economics are a lot better.”
Rafat explains his reasons for taking the funding and his future plans on PaidContent. Rafat, a dear friend, has done a great job of building his empire. A lot of people can only see the success, I am privy to all the hard work that has gone into this venture. We have often commiserated on the lack-of-life of blogger-publishers. So Rafat — Congratulations! Okay now go write that next post!