'The Wrap' Raises $2 Mil., Waxman Goes CNN

TheWrap.com, the Hollywood blog started by former New York Times correspondent Sharon Waxman, has closed a $2 million second round of funding led by Maveron, the VC firm co-founded by Starbucks CEO Howard Schultz, and other first round investors. The site raised $500K in the first round from friends and family. This funding dovetails with stories by her fierce Hollywood rival Nikki Finke, claiming the site was out of money and devoid of investors.

The new funding for TheWrap will be used for expansion of news coverage, including a redesign that's coming later in summer. The site started 15 months ago, and has broken some major stories including the Comcast-NBC Universal deal. Waxman has become a fixture on TV recently. She just completed a deal with CNN's "Reliable Sources" to be regular contributor.

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