B5media, the third largest blog network, has secured some funding – a cool $2 million of equity financing in a transaction co-lead by Brightspark Ventures and J. L. Albright Venture Partners.

On this Duncan Riley had to say this;

“The money allows us to more aggressively build network into more categories. We planning on using [sic.] this money to better support our existing bloggers and recruit new bloggers in a wider array of categories. The funding also allows us to build up our ad sales team, a critical move toward giving our new investors the return we are all expecting to achieve.”

With the money in B5media coffers now, we can expect to see a lot of activity within the network, and of course lots of interesting developments in the network itself. The job that the B5media team has done in leading the blog network space is highly commendable. On behalf of Instablogs, I extend my congratulations to the B5media team and wish them all the very best for the future.

One thing I would like to mention here is this shows that blog networks losing the sheen of 2005 is notwithstanding, they still command a lot of confidence in investors. A well-maintained blog network like B5media with quality content will always have audience loyalty, which in turn will always get in more audience. This means viability for Blog networks will be there and they will continue to attract the masses and the investors alike in coming days; though I still believe major change from current network model is required.