Brightcove Raises $59.5M in Private Financing for Internet TV Company

Posted by: Jeremy Allaire, January 17, 2007

It's a huge milestone day for Brightcove, as we announce the completion of a major round of private financing for $59.5M. The financing represents a huge vote of confidence in the Internet video marketplace, as well as specifically for Brightcove as a leader in the Internet TV revolution. You can read the formal press release here.

Brightcove welcomes several new investors -- major institutional funds Maverick Capital, Brookside Capital, AllianceBernstein, as well as two new strategic investors, The New York Times Company and Transcosmos (a leading online media and technology company in Japan). In addition to these new investors, all of our existing investors also participated in this financing round, including General Catalyst Partners (the Cambridge-based VC where I incubated Brightcove), Accel Partners, Allen & Company, AOL, The Hearst Corporation, and IAC/InterActiveCorp.

The investment will help us to continue to invest in and grow the company -- providing online tools to media creators and owners to help them distribute and monetize video online, and creating unique and empowering tools and experiences for consumers around online video.

We continue to partner aggressively with both major and emerging media companies -- we have put in place partnerships with major TV networks, music labels, newspaper and magazine companies, and major brand marketers, and have seen thousands of unique commercial channels launch in our system, created by a wide range of production companies, broadband startups, independent producers and even video bloggers. Stay tuned for a steady stream of major new partners launching with Brightcove.

If the Google/YouTube deal was any indication, 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, and continue to partner with leaders they can trust and who are well aligned with their desire to maintain choice and control over how their video is used online, while also empowering consumers.

We have a lot of exciting stuff in store for the upcoming year, so stay-tuned as we iterate and introduce new innovations for consumers (and consumer creators) and content owners around the world.

Jeremy

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Comments

Congratulations. This is further proof that you and everyone else in this space are moving the whole market in the right direction. It's going to be a very interesting year ahead......

by C.C. Chapman on Jan 17, 2007 9:39:52 AM

great news. great product. great design. good luck

by brian krase on Jan 17, 2007 10:13:04 AM

This great. However, what brightcove needs at this point is a strong brand. I will suggest they buy veetube. This will certainly differentiate them from the pack.

by Victor on Jan 17, 2007 2:58:22 PM

Congratulations! I just blogged about video services today, with BrightCove at the top of my list. http://www.granitebaysoftware.com/blog/blogger.html

by Mike Posehn on Jan 17, 2007 7:32:34 PM

Dude, you guys are mental rock stars. I love it.

by Michael L. on Jan 18, 2007 12:20:56 AM

Waaaoooooouhh !
Well done Jeremy, that is a huge move ;)

David Pooxi

by David Pooxi on Jan 18, 2007 11:04:57 AM

Congratulations. I also blogged about it in relation to overall media evolution over at NextBlitz, and just added a trackback. I like this quote from your post: "...providing online tools to media creators and owners to help them distribute and monetize video online...", and will be watching with great interest as you roll those tools out.

by galeal zino on Jan 18, 2007 1:07:07 PM

Great goal!
I blogged about it, adding some thoughts on possible evolutions.

http://lucafiligheddu.blogspot.com/2007/01/internet-tv-interactivity-and.html

by luca on Jan 19, 2007 3:33:39 PM

Congratulations, yours is a serious and competent company. Soon as I can I will be using your services. Best luck ! Ricardo Conte

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