Broadband Enterprises, the online video advertising and distribution provider based in New York City, has received $10 million in funding from Velocity Interactive Group, the investment group including Jon Miller and Ross Levinsohn. This is Velocity’s first announced investment in a company…it recently merged with ComVentures. Velocity partner Jon Miller told me earlier today that the company has been profitable, and that this is the first money into the four-year old company.
As we had previously reported in August last year, BE was one of the companies Velocity was looking to buy when it was working with General Atlantic. But Velocity’s mandate and partners have changed since then.
BE will use the funding for “strategic growth initiatives, including expanding the breadth and depth of content,” it said. The company competes with the other online video ad networks like VideoEgg and Tremor Media (which announced its $11 million earlier this week), in the quickly-getting-crowded space. It sells online video advertising, syndicates programming (to about 200 sites) and produces original content across its network of brands and companies that it works with.
NTV quotes BE CEO Matt Wasserlauf that the company has yearly revenues in the