Servecast.com Closes Successful Financing Round
Servecast.com (www.servecast.com), an Irish streaming media delivery and hosting service, announced the closing of an E40 million (approximately $35 million) financing round.
Servecast provides hosting services for live Web casting, video on demand, online radio broadcasting and online video conferencing. In a partnership with Compaq and Cisco, Servecast is building a network infrastructure consisting of large servers located in 16 European cities, linked by a high-speed backbone for online video and audio delivery.
The fundraising was led by Providence Equity, an international private equity firm specializing in equity investments in telecommunications and media companies, worldwide. Other new investors include Carrier 1, a leading provider of Internet, voice, bandwidth, data center and access solutions, and Eddie Jordan, owner of the Jordan Formula One Racing Team.Servecast has also received significant vendor financing facilities from Compaq and Cisco.The funds will be used to continue development of the pan-European network.
"This significant investment from new and existing investors and our strategic partners shows a massive vote of confidence in Servecast.com and the opportunities for streaming media in the new economy," said Kevin Quinn, founder and chief executive of Servecast.com. "We are now in a position to fully exploit our first mover advantage in the European market."