Blip.tv Raises $10.1 Million In Funding
Online Media Company Secures Capital from Canaan Partners and Bain Capital Ventures
New York(19 May 2010)
Next generation television network blip.tv today announced the closing of its third round of institutional capital, led by Canaan Partners and existing investors Bain Capital Ventures. The company will use its new funding to accelerate the growth of the independent Web shows that blip.tv 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 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."
Blip.tv turns five this year, and I couldn't be happier with our success to date and our growth plans for the future More than 44,000 independent show producers visit the blip.tv show creator dashboard every day to review statistics, engage with their communities of viewers, manage their shows, and release new episodes across blip.tv's extensive distribution network. Together these shows attract more than 90 million video views a month. Eighty-five percent of those views are paired with targeted, direct-sold advertising from brands such as PepsiCo, Chevrolet, Samsung, Starbucks, AT&T and Scion.
"We've been following blip.tv's growth for years, and we're excited to invest in the company as it continues to change the entertainment industry," said Warren Lee, Venture Partner at Canaan Partners. "Blip.tv has executed on its vision, and the company is creating a new Web television industry that is drawing top talent from traditional television networks, the film industry and garages across America. We look forward to working with Mike and his team to continue transforming entertainment together."
About blip.tv
Blip.tv is building the next-generation television network and currently serves more than 50,000 original Web shows and 85 million video views a month. Shows on blip.tv range from scripted sitcoms and dramas to news and how-to programs. Blip.tv hosts and syndicates shows to iTunes, YouTube, Vimeo, AOL Video, Verizon FiOS, TiVO, Sony Bravia, The Roku Digital Video Player and Facebook. Blip.tv splits all advertising revenues with show creators 50/50. For more information about blip.tv please visit http://blip.tv/.
About Canaan Partners
Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. Founded in 1987, the firm has raised eight funds and completed more than 77 acquisitions and 52 IPOs. With $3 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech sectors. Among its successes are DoubleClick, the leading online advertising solution; Match.com, the most popular online dating site in the world; CommerceOne, the company that pioneered B2B ecommerce; SuccessFactors, the global leader in on-demand performance and talent management solutions; WebLoyalty, a leading provider of online marketing and rewards services; and VOIP equipment supplier Acme Packet, which was one of the top ten performing tech IPOs of 2006. Other Canaan technology investments include Active Networks, Associated Content, BharatMatrimony, Blurb, iYogi, Lending Club, N-trig, ON24, Prime Sense, Tremor Media and Zoosk. Canaan has offices in California, Connecticut, India and Israel. For more information visit www.canaan.com.
About Bain Capital Ventures
Bain Capital Ventures is the Boston-based venture capital group of Bain Capital, whose affiliates manage over $80 billion of assets. Founded in 1984, Bain Capital and its affiliates have invested in over 300 companies with such notable successes as Doubleclick, Gartner Group, Taleo, Profitic Logic, m-Qube and Staples. Bain Capital's history of investing in early stage companies dates back to 1984, having made over 120 venture-stage investments since inception. Since 2000, the dedicated venture group has focused exclusively on growth investments. Bain Capital Ventures currently has over $1 billion under management and invests in software, wireless, information-services, healthcare, technology-driven business services, retail, Internet and consumer businesses. Bain Capital Ventures makes investments across all stages of a company's growth: from providing seed capital through offering late stage growth equity.