Blip.tv Raises $10.1 Million for Independent Web Shows
Online video network Blip.tv has just closed its third round of institutional capital, and has raised $10.1 million in new funding. The money will go toward accelerating the development of the independent Web shows hosted and distributed by Blip.tv.
The funding round was led by Canaan Partners, as well as existing investors Bain Capital Ventures.
The online network also plans to use funds to expand its content services team, grow its international advertising sales force, and develop new products for viewers and producers.
Through all its distribution arms, Blip.tv delivers over 90 million views each month, 85 percent of which are paired with targeted, direct-sold advertising from major brands. More than 44,000 show producers visit the network's dashboard daily to review their playback statistics.
"We believe that in the future more show producers will make a living doing what they love than ever before-just like more musicians make a living now than ever before. We'll be using this capital to facilitate and accelerate this change by building out our content and audience development department and by investing in new and improved products for show producers and viewers," says Blip.tv CEO and co-founder Mike Hudack.
"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," says Warren Lee, venture partner at Canaan Partners.
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