Just a week after announcing their 2007 figures and a month after opening their graphics platform, NY-based Magnify.net is announcing a new round of financing to the tune of $1 million dollars. Magnify.net is a white-label social networking provider that the company describes as, "online video discovery and broadcast platform for websites". The tool allows site owners to add custom video channels to enhance the overall user experience and keep users on the site longer, thereby allowing for more chances to monetize the user.

The money will be used to continue expansion and hire more staff for their ad network. Participating in the round are current investors: Next Stage Capital, New York Angels, Rose Tech Ventures, Active Angel Investors, and a number of individual investors including Chris Anderson. New to the round-up are: Ogden Capital and Gideon Gartner.

The company reports new membership at 1,000 sites per week.