New York-based online TV network blip.tv says it has closed a $10.1 million third round of VC funding led by Canaan Partners and existing investors Bain Capital Ventures. Blip.tv, which turns five years old this year and has been a Fierce 15 honoree says it'll use the new funding to accelerate the growth of the independent Web shows it hosts and distributes, expand its content services team, continue to grow its international advertising sales force and develop new products for viewers and producers.
Blip.tv says more than 44,000 independent show producers visit its show creator dashboard daily to review statistics, engage with their communities of viewers, manage their shows, and release new episodes across blip.tv's distribution network. The company says it serves some 90 million video views a month, 85 percent of which are monetized by being paired with targeted, direct-sold advertising from brands such as PepsiCo, Chevrolet, Samsung, Starbucks, AT&T and Scion.
"Blip.tv turns five this year, and I couldn't be happier with our success to date and our growth plans for the future," said blip.tv CEO and co-founder Mike Hudack. "We started in 2005 with a simple mission: to change the entertainment industry by making independent show production sustainable and scalable. We're moving on to the next phase of executing against that mission, and with help from both Canaan Partners and Bain Capital Ventures I'm confident that we'll be successful. We're making more shows sustainable every single day, and now we're going to accelerate that change even faster. This is an extremely exciting time."
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