Self-Service Advertiser Virool Raises $6.62M in Funding
Virool, a San Francisco, California-based company that offers self-service social video advertising, has raised $6.62 million in seed funding. The large group of investors that made up the round include Thomvest Ventures, Menlo Ventures, Draper Fisher Jurvetson, Phenomenon Ventures, TMT Investments, DominateFund, and FundersClub.
The round also saw participation from several individual investors, including Loopt co-founder Sam Altman, Gmail creator Paul Buchheit, Troy Carter (Lady Gaga's manager), super angel investor Dave McClure, former Yahoo chief technology officer Farzad Nazem, early Zappos Investor Erik Moore, Promus Ventures founder Mike Collett, Yuri Milner, and Garry Tan, a co-founder of Posterous.
Virool will use the funding to expand use of its platform. Since it launched in March, 2012, Virool says it has gone from 200 customers to over 30,000.
The Virool platform lets advertisers launch a video ad campaign for as little as $10. They only pay for views of at least 30 seconds. Virool says that its ads reach 750,000 people every day, or over 22 million each month, and that customers include small businesses, independent musicians and filmmakers, and even recognized brands.
Developers and site owners place Virool videos inside their mobile games, blogs, or Facebook ads in exchange for a share of the revenue. They're able to choose ads that are relevant to their readers or app users.
Virool is currently running a promotion: the first 1,000 customers to enter "valentines2013" as a coupon code during checkout will get $50 in free credits.
Advertising on TV shouldn't require a multi-million dollar budget, says Comcast Spotlight, Comcast Cable's ad division.