Veoh, which brands itself as an Internet Television service rather than one of the many online video start-ups, has received a new large round of funding. As you might expect, this money will be used for expansion efforts and Veoh continues to grow
By the end of Q1 2008, Veoh claims to have had 28 million viewers who spend an average of 100 minutes per month watching content on Veoh. Both of these numbers are up from the numbers it previously told us in February: 23 million viewers worldwide watching an average of 87 minutes per month. A viewer is defined as a person who started playing a video on the Veoh home site or on a Veoh video embedded in another site.
We last heard Veoh was trying to raise another $40 million back at the end of February. This would have put its valuation at $150 million, Silicon Alley Insider reported at the time. With this round finally coming in at $30 million, that still makes for a valuation well over the $100 million mark. [update: The new valuation is around $125 million, according to SAI.]
Aside from user-generated content, Veoh offers several premium videos including popular television shows. These are ad-supported. The video recommendation engine is also a big part of Veoh’s arsenal. A new start-up we covered yesterday, ffwd, is looking to expand and improve upon that model.
This latest round was led by Intel Capital, the global investment arm of Intel Corporation. It was joined by Adobe Systems Inc., and Gordon Crawford, the senior vice president of Capital Research Global Investors. Existing investors Shelter Capital, Spark Capital, Goldman Sachs, Michael Eisner’s Tornante Company, Time Warner Investments and Jonathan Dolgen joined in this round as well.
The San Diego-based Veoh previously raised a $26 million round in the Spring of last year. It now has raised around $70 million total in four rounds.