Blog Post

Brightcove Raises $59.5M

Yeah, you read that right. $59.5 million is the amount of online video startup Brightcove‘s Series C round. Om has the story over on the mother ship. He had previously gotten wind of the deal while it was still in the works in November.

Brightcove is hauling itself forcibly into the position of largest independent online video company, post-YouTube acquisition. It’s not quite a consumer play, so it’s often left out of rundowns of the players in the category. But check out the smooth design and high quality streams of Brightcove’s players; your YouTube-worn eyes will appreciate the relief.

The money, says the company, is intended for brokering media partnerships and expanding internationally. Though it’s not stated explicitly, mentions of upcoming “consolidation” might also indicate the new funding is to be used for acquisitions. We’ve put in a request to talk to Brightcove CEO Jeremy Allaire to ask about such things.

New investors in the round included Maverick Capital, Brookside Capital, AllianceBernstein, The New York Times Company and Transcosmos. Existing investors such as Allen & Company, AOL, and Accel Partners participated in this round of financing.

Update: Bambi Francisco pins the company’s post-money valuation at $220 million. (That’s with more than $80 million in funding to date.)

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