RealTime IT News Raises $16 Million in Venture Capital

Santa Monica, CA-based said it has secured $16 million in second-round financing from its existing investors and a new group led by Vanguard Venture Partners. also announced a two-year, multimillion-dollar deal with America Online to become a programming partner in the Food & Cooking Web Center on

Under the agreement, will provide recipes, information and products on's Food & Cooking Web Center. offers 4,000 brand-name products, recipes and advice from world-renowned chefs. This expands on's prior agreement with AOL for placement in AOL's Shopping Channel. will have also have a significant presence in the Gourmet and Grocery and Home and Garden shopping areas of both AOL and AOL.COM.

The new funding comes from Vanguard Venture Partners, Tredegar Investments, Forrest, Binkley and Brown, Times Mirror Company, and the Phillips Smith Specialty Group.

Existing investors Idealab Capital Partners, Dynafund Ventures, and Moore Capital also participated in this round.