Capital New York Gets $1.7 Million in Financing [Update]

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Just over a year ago, Capital New York was just a twinkle in the eyes of founders Tom McGeveran and Josh Benson. But now, after a summer 2010 launch and a year's worth of thoughtful, long-form reporting and writing, the site has landed an angel investor. Adam Riggs led a round of funding that brought in $1.7 million for the site, and he'll sit on the board with Curbed network's Lockhart Steele. This news comes to us from AdAge, which also reports that Capital has stolen star politics reporter Azi Paybarah from McGeveran and Benson's former home, the New York Observer. For those who follow state politics, the hire will make Capital all the more a must-read. "Part of the reason it took so long to hire is we weren't going to offer people who have perfectly nice jobs elsewhere new jobs with us unless we had the stability," Benson told AdAge. "It was important for us to do it the right way — the fact that it's a startup is our problem, not theirs."

News Startup Capital New York Raises More ... Capital [AdAge]
Update: Looks like they've lured the Observer's Reid Pillifant and Dana Rubinstein to Capital, too!