Video sharing site Twitvid said it raised $6.5 million of Series B funding with Azure Capital Partners leading the round and existing investor Draper Fisher Jurvetson participating. The money will help the San Francisco company expand and build out its product offering.
Twitvid Raises $6.5 Million in New Funding from Azure Capital Partners and Draper Fisher Jurvetson
SAN FRANCISCO, Calif. – Sept. 29, 2011 –Twitvid, the leading video sharing service on Twitter, today announced that it has raised $6.5 million in Series B funding. Azure Capital Partners led the round with existing investor, Draper Fisher Jurvetson, contributing. The company will use the proceeds to expand the team, and build out the product and technology infrastructure.
Launched in May of 2009, Twitvid has grown its user base by over 100 percent year over year.
“We are excited to have Azure on board as a partner given their deep relationships and experience,” said Mo Al Adham, CEO of Twitvid. “As the leading video service in the thriving Twitter ecosystem, our product hits the sweet spot between mobile, social and video, and this new capital is key to help us expand our product offering and continue our rapid growth.”
Following this latest round of investment, Cameron Lester, general partner of Azure Capital will join Twitvid’s board of directors.
Twitvid is the leading video sharing service for Twitter providing the fastest, easiest way to share videos. In three simple steps, videos are shared with all your friends and followers via your Twitter stream. Twitvid has applications on the Android, iPhone, and the Blackberry. Current Twitvid popular users include Justin Bieber, Tyra Banks, Lebron James, Paramount Pictures, Kevin Hart, A&E TV, New York Yankees, Al Gore, and Style.com to name just a few.
About Azure Capital Partners:
Azure is a San Francisco-based venture capital firm with over $650 million under management. The firm invests in early stage technology companies that are at the forefront of a transformative opportunity for growth. Azure has invested in and served as trusted advisors to some of the most successful and important technology companies created in the last decade including VMware (NYSE: VMW), Bill Me Later (acquired by eBay), Calix (NYSE: CALX), Top Tier (acquired by SAP) and World Wide Packets (acquired by Ciena). The Azure team is recognized for industry thought leadership, a broad network of powerful industry relationships and a unique professional investment approach to venture investing. For more information, visit www.azurecap.com.