CoveritLive receives $1.2 million investment to boost liveblogging

As a startup in a problematic economy, we have been often asked, “Are you guys going to be around in 12 months?” It’s a reasonable question that usually comes from users who have come to depend on our software as part of their core reporting. I am pleased to provide some good news on that front today.

That’s how Keith McSpurren, president of CoveritLive, started an email to all CoveritLive members this afternoon.

“Good” is an understatement, as the liveblogging platform has raised $1.2 million investment. Flagstone Capital – their current investor – gives the service a financial injection so that CoveritLive can continue to develop their customer base and business model. McSpurren is “very grateful” and feels fortunate that he has the right kind of investors behind him.

I can only agreed with him. It’s good news that Flagstone Capital, despite the financial crises, decides to increase support in a rather successful start-up.

CoveritLive has welcomed another investor: Paul Kedrosky, angel investor, well-known CNBC analyst, and the editor of a popular financial blog, Infectious Greed. His goal? To bring a new technology to the traditional media.