PA Venture Capital firm invests in a video website

NextStage Capital LP has co-led a first round venture investment of $1.2 million in a company whose Web site enables people to find and share user-generated videos on the Internet.

The Audubon, Pa., venture-capital firm co-led the investment in Magnify.net, which is based in New York. Magnify.net, which announced the investment Monday, said it will use the money to accelerate its growth. In a 90-day beta period prior to the official launch of its Web site, Magnify.net was used to create more than 2,000 channels with more than 200,000 videos.