Updated: Spoke to Jeremy briefly at NATPE…on the money he said it won’t be used much for acquisitions, or at least they don’t have anything coming on their horizon. Mainly international expansion and general corporate purposes. He said the Brightcove.com destination site is doing well three months after launch, and this without mch promotion. Now, they will put the marketing muscle behind it.
He also said that it is only a matter of time before the likes of them, YouTube and other major players moving to full screen video soon, as the industry and audience demands in, an allusion to the hype Joost (fka The Venice Project) is getting because of that.
Original post: Brightcove has closed a $59.5 million third round of what it calls “strategic funding,” raising its total funding over two years to $82.5 million. The round was led by new investors AllianceBernstein, Brookside Capital and Maverick Capital; other new investors include the New York Times Company (one of Brightcove’s earliest customers) and Transcosmos Investments & Business Development, Inc. Existing backers upped their investment in the company; they include Accel Partners, Allen & Company, AOL, General Catalyst Partners, Hearst and IAC/I. They’ll use the money on development and to expand internationally. The release highlights the global nature of some of the funding and the access that brings; Transcosmos, for instance, is a digital marketing services provider in Japan.
Brightcove was launched by Jeremy Allaire in early 2005 with $5.5 million from General Catalyst Partners and Accel Partners; the other existing investors were part of a $16.2 million round late that year. The company also has $5 million in financing from GE Capital. Release.
— As I flip between press releases, you can see Brightcove — and online video’s — progression: Brightcove launched as a “new online television and video distribution company;” now it’s simply an “Internet TV company.”
Update: Bambi Francisco writes that she was told the company has a post-money valuation of $200 million.
— Brightcove Receives $5 Million From GE Finance
— Brightcove Launches Consumer Site; Ad and Syndication Network
— Brightcove Gets $16.2 Million Round From IAC, AOL & Hearst; Diller on Board