Eveo Raises $15 Million in Second Round Financing

Entertainment site Eveo (http://www.eveo.com) announced the completion of a $15 million second round of financing, led by Mission Ventures.

Other investors include Media Technology Ventures, Thomson multimedia, Greenstone Venture Partners, Sonera Corporation, GIMV NV, Digital Incubate Ventures, and several individual investors.

Eveo enables users to post their own video files and share them with anyone over the Internet. Eveo officially launched in April with over 500 original videos. The company has recently signed partnerships with MGI Software, Fortune City, Loudeye and InterVU.

Olivier Zitoun, Eveo's founder and chief executive officer said: "This round of funding will be critical to developing our business-to-consumer and business-to-business offerings, making ‘eveo' generic for user-generated short video, and expanding our distribution and presence internationally."

According to Jeffrey Starr, partner at Mission Ventures, "We are very excited about our investment in Eveo; they are a pioneer in the convergence of broadband, consumer video, and the raw new generation of reality programming." Starr will be joining Eveo's board of directors.

To pay the videomakers Eveo created a "Earn-Per-View" program that pays them 5 cents each time a video is viewed.