TheWrap.com, a Santa Monica, CA-based news organization covering the business of entertainment and media, has raised $2m in a series B financing round .
The investment comes from Maveron, a venture capital firm co-founded by Starbucks CEO, Howard Schultz, and a majority of the company’s A round investors.
The capital infusion will be used to accelerate the continued expansion of TheWrap.com and to provide flexibility to take advantage of new market opportunities.
This latest investment follows TheWrap.com’s Series A funding in January 2009 from Maveron and a group of private investors.
Commenting on the funding, Ben Choi, Maveron Principal and TheWrap.com board member, was quoted as saying: “This new investment and our continued support is a direct result of that success and Sharon’s leadership.
Sharon Waxman, TheWrap.com Editor-in-Chief and founder, added: “This capital will allow us to take advantage of opportunities in a very rapidly-changing media space, and will help us expand our revenue streams beyond display advertising, events and licensing”.