The entire $2 million came from Khosla Ventures, a firm that has also made substantial investments in well-known social applications such as Hunch and Slide (acquired by Google last summer).
Storify has a staff of four and plans to use the funds to hire designers and Javascript developers to further build out the product, which has been in private beta since launching in September. The product has been used by bloggers, PR professionals and major news organizations like NPR, The Washington Post and The Los Angeles Times, to compile stories. The Post, for instance, used it to collect political candidates’ recession and concession tweets in the 2010 midterm elections.
No concrete business model has yet emerged. The team will continue to focus on the product, co-founder Burt Herman said.
To learn more about Storify, check out the video introduction below, and see the product in action in the demo below.
Video Introduction
Storify Demo