B5 Media announced yesterday that it has received an investment of $2 million from a syndicate of Canadian Venture Capitalists. Hurray for Brightspark and JLA Ventures for being some of the first Canadian VCs to join in what we are sure will be a big, lucrative market for those with the foresight to enter it now. At this price B5 is a bargain especially considering the recent string of acquisitions by traditional media companies.

You may remember that we covered B5 when CEO Jeremy Wright spoke at the MESH conference earlier this year. B5's business model is premised on creating:

a global new media network featuring more than 150 blogs on a wide variety of subjects ranging from entertainment and news to technology and sports. With content written by passionate people from all over the world and visited by more than two million unique visitors a month, b5 is among the world's largest online new media networks.