Online video marketing firm VisibleGains — formerly PermissionTV — has raised $2 million in funding, per an SEC filing. VisibleGains has raised around $23 million in total, including a $3 million round of debt in April 2008; the company said the new money came from “existing investors,” which include BlueCrest Capital Finance, Castile Ventures, CommonAngels, among others.
Matt Kaplan, VisibleGains’ chief strategy officer and VP of marketing, said the company would use the funding to bulk up its sales and marketing teams in the wake of the re-brand. The name change came as part of a shift in the company’s business model: Instead of competing with bigger, better-funded B2C video platforms like Brightcove and Ooyala, VisibleGains now focuses on the B2B market, helping enterprises create and distribute online video ads, trailers and sales pitches.
Kaplan said the transition had been successful thus far, and that the company signed on eight new clients in the technology sector; VisibleGains’ video platform runs on the Software-as-a-Service (SaaS) model, so customers license the technology; they also get access to pre-packaged video clips, analytics and some consulting services.