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Web mail portal has secured a new round of funding to help it grow and hire new employees. Media, a company that owns and operates the portal and a slew of content destinations, announced today that it raised $35 million in a financing round that was led by Quadrangle Capital Partners.

According to, the funds from the financing will be used for content creation, vertical site development, acquisitions, and new employee hires. Daniel Rosensweig and Andrew Fey, principals at Quadrangle, will join's board of directors.

"We look forward to welcoming Quadrangle as a valuable partner in, and Andrew and Dan to our board of directors," CEO Jay Penske said in a statement. "Quadrangle's sector experience, Internet expertise, and extensive network of relationships will provide meaningful benefits to as we continue to broaden our portfolio of brands and accelerate the growth of our company.", which competes with Gmail and Yahoo Mail, currently provides free specialized e-mail to more than 2 million users and operates sites like HollywoodLife and On the same portal, it offers news and other content about topics ranging from technology to cars.