Online video network Blip has secured more than $12m in venture capital financing from existing investors including Bain Capital Ventures and Canaan Partners, a deal that also included debt from Silicon Valley Bank.
The funding will enable the company to develop new tools and services for producers of independent web series, further invest in its advertising and distribution platforms and expand its syndication relationships.
The company is one of the internet’s largest independently owned and operated video networks, claiming more than 13 million unique US viewers and around 30 million global viewers monthly. It gives viewers free access to dramas and comedies, series about sports, videogames, food, and fashion.
Blip currently syndicates series to media majors including iTunes, YouTube, Facebook, Twitter, Roku, Verizon FiOS, TiVo and Sony TVs. Its series attract more than 330 million video views per month, and the company shares advertising revenue with producers.
Warren Lee, a general partner at Canaan Partners and a Blip board member, said, “For over six years, Blip has been a leader and innovator that has partnered with top independent web series producers to showcase their talent, build audience and provide the scale needed to be financially successful on the web. Mainstream entertainment is increasingly moving towards the discovery of original web series, and Blip is an industry leader focused on this emerging form and the producers who are steering the medium.”
Steve Brookstein, COO for Blip, added, “Blip continues to aggressively grow its revenues, with 2011 revenues 100 per cent higher than a year ago, which is very positive momentum for both our producers and for the company. In 2012, we will further commit to our producer base by offering exclusive arrangements that will continue to drive our common goals.”
Bain Capital Ventures recently closed its fifth fund, Bain Capital Venture Fund 2012, with commitments of $600m. The vehicle was significantly oversubscribed, and new investors committed to15 per cent of the fund’s value
The vehicle will focus on investments in the technology, healthcare, hardware, software, business services, information services and wireless sectors in the US.
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