Here’s a story that is either the sign of an enormous bubble or an indication that perhaps entrepreneurs need to have a bit more faith (literally and figuratively). GodTube, the YouTube for the religious, has raised $30 million at a $150 million valuation, according to Rafat Ali. The funding comes from GLG Partners, a hedge fund.

What’s interesting about GodTube is not so much the technology – as Pete wrote in his initial review, “put bluntly … it was crap” – but how it’s little more than an existing concept catered to a very specific yet very huge audience. Christian television is enormous in the US, and GodTube has been able to capitalize on people’s desire for religious programming by taking a proven concept (video sharing), a brand name clearly inspired (some would say stolen) by a market leader, and industry best practices to become a big business.

As Pete noted in August, the site actually got its start running on a $300 script. It simply exploded from there, entering the top 1000 web sites in September and never looking back.

GodTube isn’t the first company to piggyback on hot Web 2.0 concepts to dominate a niche market. CafeMom, one of the top sites for women, has been integrating features like photo sharing and social bookmarking to fuel rapid growth and its own recent $12 million round of funding.