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Brightcove Secures Additional $59.5 Mln in Funding

Jan 17, 2007  •  Post A Comment

Internet TV startup Brightcove raised $59.5 million in its third round of funding. That brings the company’s total funding to $82.5 million after rounds in 2004 and 2005. Brightcove’s technology enables broadcast and cable networks as well as niche content providers to produce broadband channels and also to syndicate their video content across the Web.

New investors in this round include AllianceBernstein, Brookside Capital, Maverick Capital, The New York Times Co. and Transcosmos.

Brightcove said it will earmark the dollars for international expansion and also to “solidify a market leading position,” according to a Wednesday statement by the company.

Brightcove also said all of the company’s existing investors re-upped in this round, including Allen & Company LLC, AOL, General Catalyst Partners, Hearst Corp. and IAC/InterActiveCorp. The earlier rounds of funding raised for $5.5 million and $17.1 million.

(Editor: Baumann)