Blip.tv has raised another $6 million according to an SEC filing yesterday.
According to the filing, Blip sold a little over half of its $11 million offering for what would be its Series D round. According to TechCrunch, this was an inside round by Blip.tv’s existing investors, Bain Capital and Canaan Partners, which brings the company’s total raise to $24 million.
This past year Blip successfully redesigned itself as a destination site in May, poached top YouTube talent in a deal with the Collective Digital Studio, and just last week debuted a new logo. Although Blip has been making strides as a destination site, the bulk of its traffic is a part of a multi-tier strategy that earns over 300 million video plays each month.
The influx of cash coincides with the recent departure of CEO Mike Hudak, following fellow Co-Founders Dina Kaplan and Charles Hope. COO Steve Brookstein has taken over day-to-day CEO responsibilities while the company’s board of directors searches for a new leader.
Recently, Blip commissioned the largest research study on online video watching habits whose key findings have serious implications for the future of primetime entertainment viewing—both online and on television.
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On paper these deals always look impressive but going public and making your company a democracy seldom ends well if your business is entertainment. (See Playboy, the sagging state of the major studios and Vince McMahon for a reference there.) The cash grab is great for the people selling their shares off but if they wish to keep it going and build something, they’re in for a political mess that they may not be able to survive.
[...] Blip.tv Raises Another Million, Co-Founders Take Off This past year Blip successfully redesigned itself as a destination site in May, poached top YouTube talent in a deal with the Collective Digital Studio, and just last week debuted a new logo. Although Blip has been making strides as a destination site … Read more on Tubefilter News [...]
[...] Ventures and Canaan Partners, and debt from Silicon Valley Bank.” Part of this is old news. We told you about Blip raising $6 million from the aforementioned investors back in December, but the additional $6 million in debt wasn’t [...]
[...] platforms; and foster more syndication relationships.” The first $6 million was actually announced back in December, but the $6 million in debt was just announced this week. Back in December, Blip [...]