TowerOne.com

It appears that the cavalry in the form of Brad Greenspan’s LiveUniverse has saved Revver from closure. Reports say that the YouTube clone was snapped up last night for a price “many multiples more” than the $500,000 to $1.5 million. LiveUniverse would also have assumed debt of around the $1million mark.

Revver gained goodwill early on for being the first video-sharing site to split revenue with creators. As I mentioned a few days ago, this could be a bargain when you consider they raised over $12million in two stages across 2005 and 2006. Most web based businesses are solely about eyeballs and if you fail to attract them you need to find deep pockets in order to buy time. It will be interesting to see how LiveUniverse plan to make silk out of what is most probably a pigs ear.

Investors in Revver included Bessemer Venture Partners, Draper Fisher Jurvetson, Draper-Richards, Comcast Interactive Capital, Turner Broadcasting.