UGO Networks gets funding, cuts staff

UGO Networks said Monday it is cutting 30 percent of its staff as the entertainment company closes a $23 million round of financing. UGO Networks said it is laying off 40 of its 130 employees as part of its "cost-cutting measures to increase efficiencies" in its business. New York-based UGO Networks said it raised $13 million, closing a new financing round lead by investors GRP, Gryphon Holdings and their investment partners. The company said it will use the funds to grow its technology business and develop advertising sponsorships. UGO Networks targets 18- to 34-year-old males by offering UnderGroundOnline, a network comprising of 350 affiliated sites that feature games, music, sports and other entertainment content.