I have just a bit of experience with VC's (Vulture Capitalists), and I may have more discouragement than encouragement.
- VC's tend to invest in projects represented by people already in the VC community. Outsiders (you and I) tend to get ignored.
- VC's these days tend to invest in project that are already showing positive cash flow -- by which time you don't really a need a VC.
- VC's tend to invest in projects which have the potential of becoming enormously huge -- which isn't likely for the web content business in 2009.
- VC's tend to demand a large ownership stake in the company, diluting the value of your share of the company. This is particularly true when they invest in businesses that are not yet cashflow positive.
- VC's tend to take a long time to recruit, which is time you could spend building your business instead.
VC funding is necessary for some projects, but I recommend other funding avenues if at all possible (self-funding, debt-based funding, angel investors, etc...).
Australia does seem to have a mature VC market though, which is a benefit that many communities don't have: