Vitrue Inc., an Atlanta-based video-centric social media company, has raised $10 million in Series B funding. Dace Ventures led the deal, and was joined by return backers Comcast Interactive Capital and Turner Broadcasting and General Catalyst Partners.
Vitrue, the video-centric social media company, today announced that it has closed a $10 million Series B round of financing led by Dace Ventures, with continued participation from major media companies Comcast Interactive Capital and Turner Broadcasting and strategic partner General Catalyst Partners. David Andonian, founder and managing partner of Dace Ventures and a former executive with IBM, PictureTel and CMGI, will join Vitrue's Board of Directors.
Global marketers, agencies and media companies use Vitrue to safely connect with their consumers and audiences. Vitrue's customers are in a wide array of markets such as travel, media, entertainment, CPG, restaurants, retail and sports and include such major organizations as Procter and Gamble, TBS, VH1 and Cincinnati Bell.
Vitrue creates branded video-centric social media sites that enable consumers to create, edit and submit videos and content. Its unique Review and Approve Module and additional services allow Vitrue's customers to employ their own brand safety standards for all content that is posted.
“We at Dace Ventures have been diligently reviewing the online marketing and social media spaces in order to make investments in capital-efficient technology businesses that are headed for success, and we're very excited to make this highly-strategic investment,” said Andonian. “Reggie is an entrepreneur with a proven track record, having built several successful companies throughout his career, and Vitrue has already assumed a leadership position in video-centric social media. We're pleased to join his premier investment partners Comcast, Turner Broadcasting and General Catalyst Partners to guide the company through its next phase of growth.”
“By embracing video as an important component of social media, Vitrue's customers are changing the way they interact with their audiences. While it's exciting that we've attained a leadership position, our strategic investment partners are going to be key to helping us achieve the next level of success,” said Reggie Bradford, Vitrue's chief executive officer. “David is joining our board at a critical juncture in our company's growth. Throughout David's long career in digital media, he has experienced great success identifying new trends just as they are emerging