Video service Brightcove raises $59M

January 17, 2007 | Matt Marshall | Comments | |

brightcovelogo.bmpBrightcove, a company that gives media outlets and other businesses a platform to deliver online video, has raised a whopping $59 million in a third round of funding.

Amid the trend of consolidation hitting the sector, this funding will help tide the company over. There are oodles of other companies doing something similar, from Twistage, to Reality Digital, vSocial and GridNetworks.

Besides, no one can afford to let Brightcove go under. All kinds of media groups are using Brightcove technology to get online, and they’re investing in it too. They include customers The New York Times Company, and Transcosmos Investments & Business Development, which participated in the latest investment. With so much capital, though, you have to wonder whether Brightcove will ever be able to return a profit on the investment.

AllianceBernstein, Brookside Capital, and Maverick Capital led the latest investment. Other investors include Accel Partners, Allen & Company, AOL, General Catalyst Partners, The Hearst Corporation, and IAC/InterActiveCorp.

We first wrote about Brightcove here.

[Update: Bambi Francisco says the value of the company, after the investment, is $220 million]

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About the Author, Matt Marshall

Matt Marshall is editor and CEO of VentureBeat. Follow him on Twitter at @mmarshall, and follow VentureBeat on Twitter at @venturebeat.

  • Brightcove's fund raising, alongside other stuff is somewhat bubblish. I also wrote about it in my blog:
    http://things.co.il/blog/241
  • carl
    As someone who has used their service, they will have to make it a lot more user friendly before it can be practical to use. Their menus are heavily laden with Flash, and require a time investment when creating a video interface and adding videos. I find just using Google or YouTube is more effective.
  • anthony
    If you’re looking to attract a more local audience, then websites like Jippidy.com let you target specific cities and areas, as well as letting you upload your business video advert for free.