Screen Shot 2014-07-04 at 8.54.22 AMSince Glenn Beck quit Fox News to start his own libertarian conspiracy site, The Blaze, much has been made of the host’s ability to tap his core audience for cash. Back in 2012, Blaze’s chief strategy officer (and former HuffPo CEO), Betsy Morgan told NRP that the company was on track to clear $40m in revenue, with an editorial staff of less than 30.

Fast forward two years and Beck needs to hope those libertarians are still willing to hand over their bitcoins and gold bars. According to SEC filings, first highlighted by PE HUB, the company has raised just $6.4m of a planned $40m since it started looking for more investors in March of last year. According to the filings, the capital was raised from five (unnamed) investors, each of which invested at least $1m.

To raise that $6.4m, the company has apparently paid a 7 percent commission (approximately $448,000) to Hypatia Capital, judging by the $2.8m sum it’s allocating out of the total $40m target raise.

Fun fact: Hypatia was a philosopher, born around 350AD, and murdered by a Christian mob after being blamed for stirring up conflict between powerful people. According to Wikipedia, her murder “effectively marked the downfall of Alexandrian intellectual life.” Somehow that feels relevant.

Here’s the SEC doc…

SEC FORM D:A