Online video sharing site Metacafe has secured $5 million of an expected $6 million in debt, options, warrants and securities, according to a filing with the SEC.
Metacafe attracts roughly 14 million unique monthly U.S. visitors, according to Comscore and focuses on 18 to 34-year-olds. Cox said the company plans to use the funds to build out its editorial and sales teams. The company, which filters videos based on viewer reactions, launched a new site dedicated to movies in late May. Competitors include YouTube and Dailymotion.
This was an internal round of financing, according to Michelle Cox, the company's vice president of marketing communications and sales. The Palo Alto, Calif. company is backed by Accel Partners, Benchmark Capital, DAG Ventures and Highland Capital Partners.