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We’d thought the days of big investor reups for video portals were coming to an end, but someone new has stepped up to pay Veoh‘s bandwidth bills as it figures out its business. The Internet video portal and software maker is announcing today it has raised $30 million from Intel Capital, Adobe Systems Inc., and Gordon Crawford, senior vice president of Capital Research Global Investors.
Veoh now has $69.5 million in total investment from these three plus previous investors Shelter Capital, Spark Capital, Goldman Sachs, Michael Eisner’s Tornante Company, Time Warner Investments and Jonathan Dolgen. The Los Angeles-based company reports 28 million viewers per month, spending an average of more than 100 minutes per month.
Just last Friday Veoh cut off access to its site from all but 33 countries, citing reorganization of resources and making us wonder what the problem was. Yes, it’s costly deliver video internationally, and it’s hard to make ad revenue back on it. But why drop an existing service and show that weakness? Today, Veoh isn’t ready to admit it’s let go of anything. In a press release about the announcement, the company was still plugging itself as “one of the top global Internet television services.”
The company has experimented with software versions of its service, but currently seems to be only talking about its portal. A spokesperson told us this week “We have a number of meaningful new product additions and ad targeting enhancements on our road map, and we’re actively working to further expand our technology services beyond the PC.”
It was previously rumored that Veoh was raising $40 million, so even such a large sum may have been a step down.
Veoh’s investor list has long made us think twice about counting it out, despite the fact that it has yet to emerge as dominant in any of the categories it’s tried. And now that investor list is even longer. But you still have to execute!