Forbes reports that Federated Media locked down a round of funding from Panorama Capital, JP Morgan’s venture capital arm. Explaining the deal, FM’s John Battelle says:
Choosing who you partner with, in terms of finances, is really critical to a business. I chose to partner with someone I’ve had a long history with, who stood behind me at a really dark hour. I figured, all things being equal, go with somebody who believed in you in the past and wants to believe in you again. I didn’t go shopping this deal across Sand Hill Road. I went with a partner where the guy who’s coming on board is a really great guy, someone I’ve known for a while. I’m on my way to do baseball practice with him right now. I’m the manager of his kid’s team. You can’t really buy that.
