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Short Take: Gear.com raises $12 million

Online sporting goods store Gear.com announced today that it raised $12 million in second-round funding from a group of investors including Madrona Venture Group, Kellett Investment and Amazon.com. Seattle-based Gear.com will spend the money on adding new features to its site, expanding its selection and advertising. Amazon bought a 49 percent stake in Gear.com last July. Amazon's stake in Gear.com will diminish slightly because of the funding, Gear.com representatives said.

Online sporting goods store Gear.com announced today that it raised $12 million in second-round funding from a group of investors including Madrona Venture Group, Kellett Investment and Amazon.com. Seattle-based Gear.com will spend the money on adding new features to its site, expanding its selection and advertising. Amazon bought a 49 percent stake in Gear.com last July. Amazon's stake in Gear.com will diminish slightly because of the funding, Gear.com representatives said.