In Depth
Veoh Receives $30 Million in Funding
Web video and Internet TV company Veoh Networks has closed a round of funding to the tune of $30 million.
The latest group of investors was led by Intel Capital, Intel Corp.’s investment group, in addition to Adobe Systems and Gordon Crawford, senior VP of Capital Research Global Investors.
Along with these lead investors, the company received support from existing partners Shelter Capital, Spark Capital, Goldman Sachs, Time Warner Investments, Michael Eisner’s Tornante Co. and Viacom senior adviser Jonathan Dolgen.
The money raised will go toward content, video discovery ad delivery and multi-platform development.
“The world of Internet television has changed dramatically in the past year. No longer limited to short-form video sharing, viewers are now tuning in online to watch long-form, quality entertainment,” said Steve Mitgang, CEO of Veoh Networks. “With a near-infinite universe of content now available online, the future of our industry will be led by those who help viewers easily discover new things they like to watch, enable portability, and provide effective targeting across all types of video audiences and all forms and lengths of content.”
Veoh currently reaches more than 28 million unique viewers per month and serves an average 100 minutes of video per user per month.
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