Online TV network blip.tv today announced the closing of its third round of institutional capital, which effectively more than doubles the amount of money the company has secured to date. The Series C round was led by Canaan Partners and existing investors Bain Capital Ventures.
The company says it will use its new funding to accelerate the growth of the independent Web shows that the network hosts and distributes, expand its content services team, grow its international advertising sales force and develop new products for both viewers and producers.
The company turns five this year, and says it currently welcomes more than 44,000 independent show producers to the blip.tv show creator dashboard on a daily basis, to review statistics, engage with their communities of viewers, manage their shows, and release new episodes across blip.tv’s distribution network.
Blip.tv claims that the shows attract more than 90 million video views a month in aggregate (up from 85 million views in February).
The network currently serves more than 50,000 original Web shows, from scripted sitcoms and dramas to news and how-to programs. Blip.tv hosts and syndicates shows to iTunes, YouTube, Vimeo, AOL Video, Verizon FiOS, TiVO, Sony Bravia, The Roku Digital Video Player and Facebook. Blip.tv splits all advertising revenues with show creators 50/50.
The company raised $500,000 in seed funding back in 2005 and went on to close two more financing rounds, $2.5 million and $5.2 million respectively. With the new round of funding, the total of capital raised has reached $18.3 million.