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of the company and for select and focused acquisitions. The company said it would invest in its buy rs 2007 gold technology and infrastructure, increase its in house advertising capabilities, and continue to expand its content offerings a new investigative journalism initiative and a rollout of local versions of The Huffington Post in select cities. The announcement was made by Arianna Huffington and Kenneth Lerer, co founders of The Huffington Post.

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commitment from Oak Investment Partners will allow us to accelerate our growth, with more verticals, more video, more citizen journalism initiatives, more cities for our local editions, and a fund for investigative journalism, said Arianna Huffington. are particularly excited to have Fred Harman of Oak join our board; his deep knowledge of the new media landscape will help us to take HuffPost to the next level.

Kenneth Lerer: are thrilled to bring on board a partner like Oak to work with Softbank Capital and Greycroft as we move forward. Since launching the site three and half years ago, the company has built a strong brand and an audience of millions who rely on the site for its mix of smart news and opinion.

The additional capital from Oak will enable us to go full steam ahead with operations and select acquisitions. Harman, general partner at Oak Investment Partners, said, of the news media business needs to be reassembled online around an ad supported model and the timetable for this has been accelerated, not slowed, by this economic down cycle.

We believe that The Huffington Post has built a platform and business model to be among the leaders in aggregating this audience online. Our financing will provide the resources necessary to scale the company, both organically as well as through acquisitions of additional talent and new media companies. We are also very excited to have the opportunity to back Arianna and the company strong entrepreneurial team.

including the coverage provided by its OffTheBus team of citizen journalists. HuffPost currently has 46 employees.Harman joins The Huffington Post board of directors, whose members include: Eric Hippeau, Managing Partner of Softbank Capital, Arianna Huffington, Kenneth Lerer and Betsy Morgan.
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