SPUTNIK7.COM LIFTS OFF WITH $7 MILLION MORE

Chris Blackwell's entertainment Webcaster Sputnik7.com has closed a $7 million financing round from technology investment fund Relight and investment firm Avalon Investments.

The company plans to use the funds primarily on candy and video games, but also to support its business development and expanded marketing initiatives.

Sputnik7's programming showcases music, film and animation and includes an on-demand music video channel.

Despite rumors to the contrary, Sputnik7.com offers no information on the maligned ‘80s band Sigue Sigue Sputnik.