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Brightcove Raises $59.5 Million in Series C Round
Brightcove, an Internet TV service has raised a walloping $59.5 million in a funding round from important and significant investors. The list of strategic investors include Maverick Capital, Brookside Capital, AllianceBernstein, The New York Times Company and Transcosmos. Existing investors such as Allen & Company, AOL, and Accel Partners also took part in this round of financing.
Brightcove’s CEO Jeremy Allaire informed all through his personal blog that, “2007 is clearly going to be a major year for online video, and also a year of consolidation as many of the hundreds of online video startups seek a place in the new ecosystem. We also expect 2007 to be a year where established media companies make more bets.” In November the sources had revealed that Jeremy was looking forward for an investment of over $55 million. They got more than what they bargained for. The company had already raised $21 million through two rounds of financing.
The online video business is very competitive. Keeping pace with online video giants like Google and YouTube is sure a tough job. With the sum of $59.5 million at his disposal, Jeremy Allaire will be able to keep pace for a long time.
About Brightcove:
Brightcove is an Internet TV service that endows content owners including independent producers to major broadcast networks to build broadband business while enabling their audiences to reach them directly through the Internet. Simultaneously, Brightcove also assists web publishers to improve their sites with syndicated video programming, and also enable marketers with more routes to communicate better with their users or consumers. It was founded in the year 2004 by Internet innovator Jeremy Allaire and is based in Cambridge, Massachusetts. Currently, Brightcove is also the pioneer Internet video partner for international news and entertainment enterprises, which includes British Sky Broadcasting, Time Life, Discovery Communications Inc., Dow Jones & Company Inc., The New York Times Company, Reuters, MTV Networks, Sony BMG, Warner Music Group as well as WashingtonPost.