Venture capital firm New Enterprise Associates will invest $15 million in Bedrocket Media Ventures, the New York-based media company founded by a group of media veterans. The company was established in 2011 by Brian Bedol and Ken Lerer. The deal was a Series A investment for Bedrocket.
NEW YORK, Sept. 4 — Bedrocket Media Ventures, a next generation media company, today announced that it has secured $15 million in funding from NEA, a venture capital firm. Bedrocket will use the proceeds to invest in the growth of the company, which creates pioneering original content distributed through emerging cross-platform networks and social engagement. The company reaches consumers directly by leveraging dramatic changes in content production, distribution, and marketing. Bedrocket was founded in 2011 by CEO Brian Bedol, co-founder of Classic Sports Network and College Sports Television, in partnership with Ken Lerer, General Partner of Lerer Ventures and co-founder of The Huffington Post. The announcement was made by Brian Bedol.
“Bedrocket knows the value of content in a multiplatform world. We have a simple but revolutionary goal: to provide high-quality, low cost programming across screens,” said Brian Bedol. “The old order – with its big, high-cost studios and gatekeepers – is crumbling, and the future belongs to nimble content creators who can take advantage of the seismic changes happening in the industry. We see a unique opportunity to become ‘cable in the cloud.’ This new capital from NEA gives us the opportunity to do more of what we love to do: create more great content and connect with audiences directly, while also working with our partners to help them achieve their creative dreams.”
Said Patrick Kerins, General Partner of NEA: “Bedrocket is building a groundbreaking digital TV production company that paves the way for the proliferation of smart TVs and the continued growth in online video consumption. Brian is exactly the kind of entrepreneur we look to partner with: he has deep expertise in the space, a proven track record of creating value, and he knows how to assemble a stellar team.”
As a creator of content across platforms and devices, Bedrocket is an incubator for original content, a producer and distributor of immersive video programming and a developer of cross-platform distribution networks. The Series A funding comes as Bedrocket continues to experience significant growth following the launch this year of four YouTube networks and an independent feature film. The YouTube networks are: Official Comedy; Network A, an action sports network in partnership with Wasserman Media Group; Look TV, a style network in partnership with Full Picture Entertainment; and KickTV, a soccer channel in partnership with Major League Soccer.
Bedrocket’s joint venture with Interlude.fm, BIM, is developing new interactive video formats. Bedrocket has strategic investments in innovative new media companies, including: VHX, an independent distribution platform for filmmakers; and Full Screen, a next-generation digital media company powered by a network of YouTube channels. Bedrocket was the executive producer of Sleepwalk With Me, an independent feature film directed by writer Mike Birbiglia and which recently enjoyed a highly successful box office opening at the IFC Center in New York City following an effective buzz building social media campaign. Based in New York City, Bedrocket has 30 full-time employees.