Here's Red Herring's take on b5's venture capital deal.

Funding: $2M

Description: A blogging network with more than 150 different blogs to its name

Investors: Brightspark Ventures and JLA Ventures

The Herring Take: At first, it looks like B5Media’s missed the boat. The world of blogging is a tough, active marketplace, and B5Media—at first glance—looks no different than a bevy of other blog portals that already command a great deal of attention. Basically, what’s so different about B5Media?

For starters, B5Media has a bit of a pop appeal—like blogger Scott Goldblatt, the first Olympian to blog from the 2004 Olympics in Athens. The site also features new topical blogs on a fairly frequent basis, so there’s always something new to take a look at. And these sites are noted directly on the front page; instead of hunting for new information, users get it presented to them.

With over 130 blogs, 1.5 million unique, monthly visitors, and more than 20 million total page views, B5Media is clearly doing something right. It will be interesting to see how the site uses its newfound cash to expand its foothold in the marketplace. The blogosphere certainly seems excited.