Delve Networks raises $1.6 Million

TechFlash’s John Cook is reporting that Seattle’s Delve Networks has raised $1.6 Million and that it will take the online video publishing service to cash flow positive by the end of this year.

“Obviously, we’re building momentum. Our new video management platform as been well received and we’re growing revenue impressively despite and tough economic environment,” said Castro in an email this morning. “Our revenues were up 130 percent from Q4 2008 to Q1 2009 and we’re signing up customers at a nice clip.”

The new money provides what Castro described as a “cushion” as it attempts to hit cash flow positive. A regulatory filing said that Delve could raise as much as $11.2 million in this round, though Castro said he’s not sure where that number came from.

Founded in 2006, Delve Networks (formerly known as Pluggd) is backed by DFJ Frontier, Intel Capital and Labrador Ventures.

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