Independently owned and operated online video network Blip has closed over $12 million in venture capital from existing investors including Bain Capital Ventures and Canaan Partners, and debt from Silicon Valley Bank.
The company will use the funds to develop new tools and services for web series producers, further invest in its advertising and distribution platforms, and expand its syndication relationships. Steve Brookstein, chief operating officer for Blip, said the company’s revenues in 2011 were 100 percent higher than the previous year. “In 2012, we will further commit to our producer base by offering exclusive arrangements that will continue to drive our common goals,” he said.
Blip also unveiled its new logo, which differs most noticeably in the omission of the “.tv” that used to be part of Blip’s identity. The logo was designed by Chermayeff & Geismar to further distinguish between Blip and traditional television.
“For over six years, Blip has been a leader and innovator that has partnered with top independent web series producers to showcase their talent, build audience and provide the scale needed to be financially successful on the web,” said Warren Lee, general partner at Canaan Partners and Blip board member. “Mainstream entertainment is increasingly moving towards the discovery of original web series, and Blip is an industry leader focused on this emerging form and the producers who are steering the medium.”
Blip currently syndicates series to iTunes, YouTube, Facebook, Twitter, Roku, Verizon FiOS, TiVo, Sony TVs and elsewhere, attracting more than 330 million video views per month. It shares advertising revenue with producers.
Press release – http://tinyurl.com/75v22gd
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