Blip.tv, a New York–based online television network, has raised $5.2 million in Series B funding led by Bain Capital Ventures, according to a regulatory filing. The round was originally announced last month, but without a dollar amount.
ORIGINAL PRESS RELEASE
Online television network blip.tv today announced the closing of its second institutional round of capital, led by Bain Capital Ventures. Blip.tv joins other exciting companies in Bain’s venture portfolio, including LinkedIn, Thumbplay, The Find, Tokbox and LaLa Media. Blip.tv closed its first round of institutional funding in June 2007 with Ambient Sound Investments, the venture capital vehicle of the four founding engineers of Skype.
In conjunction with this funding round, blip.tv announced that it served more than 51 million video views in September 2008, a more than 250% increase over September 2007. Blip.tv measures video views by counting only one view per IP address per video per session.
“Blip.tv is the leading distributor of niche video programming on the Web, and we’re proud to add them to our portfolio,” said Jeffrey Glass, a partner at Bain Capital Ventures. “Blip leads its industry in the number and quality of content creators, in video views and in monetization. We’re thrilled to be joining the blip.tv team and we’re looking forward to exciting growth and innovation in the future.”
Blip.tv distributes more than 37,000 actively updated Web shows, which release an average of three new episodes per month. With Bain Capital’s support, the company will continue to enhance its industry-leading advertising platform while significantly expanding its syndication relationships. Blip.tv’s distribution network already includes platforms such as iTunes, AOL Video, Verizon FiOS and Sony Bravia Internet Video Link.
“Our goal is to make online shows sustainable by providing services of scale to independent creators and Web studios,” said blip.tv CEO and co-founder Mike Hudack. “Web show creators should be able to focus on creating great content while we take care of infrastructure, distribution and advertising on their behalf. With Bain Capital’s support we know that we’ll be able to grow our offerings for producers while providing value for distribution partners in the form of excellent episodic programming.”
Founded in May of 2005, blip.tv is known for hosting and distributing the top independent shows on the Web, including content produced by Michael Eisner’s Tornante Company, 60Frames and DECA. Michael Moore recently selected blip.tv as the primary distribution platform for his Slacker Uprising film. The company matches top shows with sponsors and operates a video advertising network of networks to monetize emerging shows. All advertising revenue is shared equally between blip.tv and show creators. Sponsors have included Unilever, Puma and Holiday Inn Express.
Blip.tv is an online television network that features, promotes and monetizes the best independent shows on the Web. Shows on blip.tv range from scripted sitcoms and dramas to news programs and how-to programs. Blip.tv hosts shows on its destination site, at www.blip.tv, and also syndicates shows to iTunes, the Adobe Media Player, AOL Video and Facebook. Blip.tv splits all advertising revenues with show creators equally. For more information about blip.tv please go to http://blip.tv/.
About Bain Capital Ventures
Bain Capital Ventures is the Boston-based venture capital group of Bain Capital, whose affiliates manage over $80 billion of assets. Founded in 1984, Bain Capital and its affiliates have invested in over 300 companies with such notable successes as Doubleclick, Gartner Group, Taleo, Profitic Logic, m-Qube and Staples. Bain Capital’s history of investing in early stage companies dates back to 1984, having made over 120 venture-stage investments since inception. Since 2000, the dedicated venture group has focused exclusively on growth investments. Bain Capital Ventures currently has over $1 billion under management and invests in software, wireless, information-services, healthcare, technology-driven business services, retail, Internet and consumer businesses. Bain Capital Ventures makes investments across all stages of a company’s growth: from providing seed capital through offering late stage growth equity.