Chicago - Fave Media, the developer of a local search engine that utilizes video ads, announced this week that it has raised $1.6 million in a new funding round, from unnamed investors.

Launched in October 2007, Chicago-based Fave Media's Getfave.com offers local and relevant results to users by geographic proximity, with online video ads.

The company claims that traffic is now at 80,000 unique monthly visitors, while video ad plays are at 50,000 per month.

"These funds will allow us to continue to drive traction in the Chicago market while preparing for a national launch," said Fave Media co-founder Jon Seymour.

"Later this year, we hope to demonstrate that our complete operational model works in another city on one of the coasts and may seek venture capital to fund this."

Related Links:
http://biz.yahoo.com/bw/080117/20080117005737.html?.v=1

http://www.getfave.com