Investors Flock to NewsMarket4/21/2004 3:50 AM Eastern
The NewsMarket Inc. (www.thenewsmarket.com), the video-archive and distribution platform that allows news media to access free broadcast-standard video over the Internet, has received a $4 million infusion from a trio of new investors, company officials said.
Apax Partners, Hearst Corp.’s interactive-media division and Boldcap Ventures LLC, co-founded by former USA Networks Inc. chairman and CEO Kay Koplovitz, contributed to the second funding round. Those entities joined original investors including Ascend Ventures Group LLC, The New York Community Investment Co. and Coastal Ventures LP.
Proceeds from the second funding round will be used to launch more advanced video-search and delivery tools for The NewsMarket’s media users and to accelerate sales and marketing globally.
Over the past year, executives said, NewsMarket has registered a fourfold increase in contracted services, with a roster of clients that includes Intel Corp., BMW of North America LLC, Yahoo! Inc. (www.yahoo.com), F. Hoffman-La Roche Ltd., adidas-Salomon and the U.S. government.
Cable News Network, CNBC and the British Broadcasting Corp., as well as services operated by Comcast Corp., Time Warner Cable and Bright House Networks, are among the news outlets tapping NewsMarket’s video services.