Ripe Digital Entertainment received a massive cash infusion, to the tune of $32 million in venture funding that the new media entertainment company will use to launch two video-on-demand networks next year, followed by an online video destination site.

Ripe Digital is the parent company behind RipeTV, a year-old VOD network that targets young men with extreme sports and bikini programming. The company raised $32 million in funding from Hearst-Argyle, Time Warner Investments, Rho Ventures and Columbia Capital, said Ripe Digital CEO Ryan Magnussen. That’s in addition to the $6 million the company raised in its first round last year, backed by Hearst.

Mr. Magnussen said the new funding will go to launch two music-related VOD networks in February. After that, Ripe plans to introduce an online video portal that will include viral video, professionally produced content and a community site.

In July, Ripe launched its second VOD network, Octane TV, featuring automotive programming.

RipeTV is currently carried in 22 million VOD homes. Advertisers include Cingular, Dodge, Procter & Gamble and Warner Bros.