Palo Alto, Calif. -- High Gear Media, a Palo Alto-based publisher of automotive digital media, said on Tuesday that it has raised $5.5 million in its second round of funding, led by new investor DAG Ventures. Previous investors Accel Partners and Greylock Partners also participated, which increased the company's total backing to $12 million. The company said that it will use the proceeds to expand its technology platform and make acquisitions to accelerate the growth of its network of owned and operated web sites. High Gear operates a network of 38 automotive sites targeting car buyers and auto enthusiasts by lifestyle, interest and vehicle. Sites include TheCarConnection.com, GreenCarReports.com, AllCarsElectric.com and AllAboutPrius.com. The company said that it expects the new round to carry it into profitability.
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http://www.highgearmedia.com/press_releases/high-gear-media-secures-55-million-series-b-funding/