Veoh Pulls Down Another $30 Million In Funding
Intel, Adobe Among New Investors In Internet TV Site
By Todd Spangler -- Multichannel News, 6/4/2008 12:25:00 PM
Internet TV aggregator Veoh Networks has received an additional round of $30 million in funding led by Intel and joined by Adobe Systems and Capital Research Global Investors senior vice president Gordon Crawford.
The investment brings Veoh to a total of $69.5 million raised in four rounds of financing. Existing Veoh investors include Time Warner Inc., Shelter Capital, Spark Capital, Goldman Sachs, Michael Eisner’s Tornante Company, and former Viacom executives Tom Freston and Jonathan Dolgen.
“With a near-infinite universe of content now available online, the future of our industry will be led by those who help viewers easily discover new things they like to watch, enable portability, and provide effective targeting across all types of video audiences and all forms and lengths of content,” Veoh CEO Steve Mitgang said, in a statement.
Veoh has distribution deals with content owners including CBS, Viacom’s MTV Networks and FearNet, the horror-movie joint venture of Comcast, Lionsgate and Sony Pictures Entertainment.
The company, with principal offices in Los Angeles and San Diego, currently has about 100 employees.
At the end of March, Veoh said, it had more than 28 million unique viewers who spent an average of more than 100 minutes per month watching online video.
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