Broadband Enterprises, a New York-based online video network, has raised $10 million from Velocity Investment Group (f.k.a. ComVentures).
Broadband Enterprises, the premiere online video network, today announced it has received a $10 million strategic equity investment. The Company's inaugural equity investment was raised with Velocity Interactive Group, a leading global digital media and communications investment firm.
“This strategic investment highlights the exceptional operating performance we achieved in 2007 and underscores the value proposition of our company,” said Matt Wasserlauf, CEO, Broadband Enterprises. “By working closely with Velocity Interactive Group and putting our world-class agency, brand advertiser, content publisher and video producer clients at the forefront of everything we do, Broadband Enterprises will continue to deliver an unmatched online video experience.”
“Over the past four years Broadband Enterprises has built a highly successful online video monetization engine, which has grown rapidly throughout 2007,” said Jonathan Miller, Partner, Velocity Interactive Group. “We expect the growth to be bigger and faster as the company executes its 2008 strategic plan.”
The money raised will complement re-invested free cash flow and be used to accelerate the Company's strategic growth initiatives, including expanding the breadth and depth of content