Blip Raises Another $12 Million, Still Seeking CEO

A New Logo and a New Name That Drops The .TV

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Indie web-TV distributor Blip.tv has raised more than $12 million in a mix of equity and debt financing, with participation from existing investors Bain Capital Ventures and Canaan Partners as well as Silicon Valley Bank.

The company also announced that it would be known simply as Blip going forward.

The funding comes at a time in which much bigger online-video companies such as YouTube, Netflix and Hulu have begun investing in original content strategies, putting pressure on Blip, which started strictly as a video distributor and has struggled to significantly grow its own online-video destination platform in the last year.

The company is still without a permanent leader, as an executive search firm it hired continues to seek a replacement for co-founder and former CEO Mike Hudack, who left the company last year for medical reasons. Steve Brookstein, the company's COO, has been running the company for the last few months.

The company said it will use some of the funds to sign exclusive relationships with web-TV creators.

"To the extent we can provide incentives or more favorable terms, we're going to do that ," Mr. Brookstein told Ad Age in December, after tech blogs reported the first $6 million of this round.

The company also will invest funds in building out its own studios, as it starts to pitch brands on six-figure, multi-episode sponsored web series. Some funds will also go to expanding its syndication network.

Blip's revenue has more than doubled in the last year, the company said in a release.

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