Clearleap Banks On GrowthMultiscreen Video Company Lands $20 Million Round, Expects To More Than Double In Size 11/13/2013 7:31 AM Eastern
Clearleap has scored a $20 million “C” round led by Susquehanna Growth Equity as the multiscreen technology specialist looks to further expand outside the U.S. and more than double the size of the company. Clearleap’s existing investors, Trinity Ventures and Noro-Mosely, also participated in the round.
Duluth, Ga.-based Clearleap, which has raised $36 million since its founding in 2007, achieved profitability about a year ago and intends to use the new cash infusion to accelerate its growth, company CEO Braxton Jarratt said.
In addition to building new facilities to help it expand its reach, Clearleap, he said, expects to hire 150 employees over the next 18 months, up from about the 100 people it employs today. Clearleap, which recently opened up an office in Amsterdam to spearhead its push into Europe, is also actively recruiting ad building out infrastructure for an anticipated expansion into Latin America, Jarratt said.
For service providers, multiscreen “is becoming mainstream instead of a side project,” Jarratt added. “Digital is not one of a couple things they are working on, but their future, core business.”
He said providers are updating their infrastructure to ensure they can offer a user experience that is on par or exceeds the experience delivered by pure OTT video players.
“Technology no longer becomes the excuse for not being able to compete,” Jarratt said. “There is a tremendous amount of investment that needs to happen for the mainstream TV business to compete head on with Netflix on the technology and the overall consumer experience.”
Clearleap’s announced customers include HBO, Verizon Communications, Time Warner Cable, the Food Network, Travel Channel, with In Demand, the MSO-owned distributor of video-on-demand and pay-per-view services, recently joining the mix. Clearleap now has more than 250,000 “assets” under management, according to Jarratt.