Deals

Web series network Blip.tv raises $6M round of funding

Blip.tv, a site known for producing independent web videos, has raised a $6 million round of funding, according to a recent SEC filing.

Unlike competing video sites such as YouTube and Vimeo, Blip.tv isn’t focused on letting people upload their videos. Instead, it is focused on becoming the top destination for videos produced independently by big studios or networks. Basically, it’s like a refined crop of YouTube’s best channel partners with more polish. The site gives its content partners a way to connect fans with its library of previous episodes as well as links to the official show website and online store.

Last week the company debuted a new logo, and presumably some of the new funding will go to continuing to polishing the site. The $6 million round, which is still open, came from existing investors Bain Capital and Canaan Partners, reports TechCrunch.

While the company is getting a fresh infusion of cash, it’s parting ways with CEO and founder Mike Hudack and co-founder Dina Kaplan. The company’s COO Steve Brookstein is currently acting as interim CEO until a replacement is found.

Founded in 2005, the New York-based Blip.tv raised a $10.1 million third round of funding in May 2010. It raised a total of $24 million in funding to date.

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