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Updated: Nov 15, ’08: The second round amount is $5.2 million, as disclosed in its SEC filing and picked up by PEHub. The round was led by B…

Updated: Nov 15, ’08: The second round amount is $5.2 million, as disclosed in its SEC filing and picked up by PEHub. The round was led by Bain Capital, and is on the smaller end of the online consumer video sites scale.

Original post: Oct 21, ’08: Online video site Blip.tv, based in new York City, has secured its entire second round of funding from Bain Capital Ventures. The amount was not disclosed, but CEO Mike Hudack said that the round had been in the works well before the financial crunch. Blip.tv will use the funds to scale out its distribution network, develop new ad technology and broker new sponsorship deals.

The company earned a reputation as one of the more “serious” online video platforms, particularly because it splits ad revenue with content creators on a 50/50 basis, and Hudack seems confident that the market will sustain its model: “You have to be realistic about the world, but there are some great secular trends moving in our direction … In a down cycle you want to spend your money efficiently, and Web video is more effective than banners, print and most of the other buys out there. Blip.tv’s previous round, also undisclosed, was led by Ambient Sound Investments. This is Blip’s third round, with the first being a seed round from private investors.

Disclaimer: We use Blip for all of our video coming out of our conferences.

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