lonelygirl15/KateModern Team Raises $5M

The creators of lonelygirl15 and KateModern — some of the best examples of entertainment that truly uses the web — have formed a company, EQAL (pronounced “equal”) and raised a Series A round of $5 million led by Spark Capital and including Conrad Riggs, Ron Conway, Marc Andreessen and Georges Harik. [digg=http://digg.com/tech_news/lonelygirl15_KateModern_Team_Raises_5M]

Founders Miles Beckett and Greg Goodfried say they have accumulated more than 150 million views for their two series. They explained in a press release,

Formerly LG15 Studios/Telegraph Ave. Productions, the new company name reflects the team’s
philosophy of creating shows where the community built around the property is as important as
the characters within it. EQAL is also a nod to the power of internet distribution in allowing
Hollywood outsiders to have an equal chance to compete with traditional media for audiences.

The pesky thing about VCs is they pressure for you for a return on their investment. So is this really a business opportunity? We’ll talk to Beckett and Goodfried tomorrow.

Further reading:

– Venture capitalists nearly came to blows about whether it makes sense to invest in content at our NewTeeVee Live conference last fall. One of them was from Spark Capital.
– Goodfried spoke at one of our Pier Screenings last summer about product integration.