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Mevio Raises Another $15M

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Mevio, the online video network formerly known as PodShow, has raised another $15 million in funding, bringing it to a total of $38 million raised.

That’s an awful lot of money — I think too much money — for a company that wants to produce and aggregate Internet content! But I suppose investors would rather re-up than start from scratch, and are seeing what Mevio evolves into (it originally started with a focus on podcasting). The new round was led by Crosslink Capital and included Kleiner Perkins Caufield & Byers, Sequoia Capital, Sherpalo Ventures and DAG Ventures. Mevio does have some traffic; up to 9 million uniques in May, according to an emailed press release.

Embedded above is a recent interview I did with Mevio CEO Ron Bloom — a co-founder along with former MTV VJ Adam Curry — when the company changed its name and relaunched its site in April. At the time, Bloom said Mevio would be profitable by the end of 2008 based on sales of major brand advertising.

Bloom likes to talk a lot about how what he does is “brand-safe” and not user-generated, but every time I go to Mevio the series Women of YouTube seems to be featured. The show scrapes videos off of YouTube and reposts them, as far as I can tell — the latest is a recent Barely Political episode. Another complaint I have is that the home page autoplays a 30-second ad that can’t be paused. That’s poor form.

Mevio said it would spend the new funding on continued expansion through “new vertical entertainment networks,” which a spokesperson said would be tech, men, and women. Those sound a bit more horizontal to my ears, but we shall see.

5 Responses to “Mevio Raises Another $15M”

  1. That is a lot of money raised, but if ad growth materializes as forecasted then the huge funding may make sense towards producing content which sponsors like. I wouldn’t imagine they need to invest a whole lot more into scaling their back-end infrastructure.

    $38 million raised sounds like a lot but when you compare it to other Web 2.0 companies that have even more capital at their disposal offering less utility, entertainment, and no business model insight, it may not sound so crazy after all?!

  2. Liz:

    It’s shocking. It’s always surprising to me to see VCs support their investmetns because they feel they have to keep going. My guess is that this is a very, very favorable round for the VCs, but look we don’t have the data or the details so it’s hard to know. You have to hand it to Ron. He’s showing a lot tenacity, but it’s huge effort, for what return?