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Digg, the news site with the nerve to substitute the votes of the unwashed, unpaid masses for the refined talent of professional editors, has raised a new round of venture financing, the company said Wednesday.

Four-year-old Digg, based in San Francisco, raised $28.7 million from existing venture backers Greylock Partners, Silicon Valley Bank and the Omidyar Network. The round was led by the newcomer, Highland Capital Partners, whose partner Richard de Silva will join the Digg.com board. That brings the total amount of money raised by the still-unprofitable company to around $40 million.

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