Online video platform Brightcove has raised an additional $12 million in funding, increasing its total to $99 million since 2004, and setting it up for a major push in the coming year. Brightcove said the Series D round of financing was led by Accel Partners and General Catalyst. Other existing investors, including AOL, Hearst, AllianceBernstein, Maverick, and Brookside Capital, also participated in the Series D.
The Cambridge, Mass., company, which has been aggressively expanding its offerings in Europe and Asia, said the funding will be used to expand its cash balance sheet and support the expansions and fund the rollout of new product lines like Brightcove Express on a worldwide basis, R&D innovation, and possible M&A activity.
According to the Wall Street Journal, the company is hiring salespeople to target small and medium businesses in an effort to significantly grow its customer base.
- see this Wall Street Journal article
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