Video-Sharing Site Motionbox Gets $6 Million In Funding; Former VC Becomes CEO


imageVideo-sharing service Motionbox has picked up $6 million in a third round of funding, though it comes with a change of guard. Current investor Constellation Ventures led the round; previous investors Canaan Partners and SAS Investors also participated. The NY-based company has raised $17.2 million since its launch in 2006, and launched both consumer-facing and white-label services for media companies. The site’s traffic jumped dramatically after *AOL* shuttered its AOL Uncut user-generated video service, and suggested that users transfer their files to Motionbox (via Compete).

Motionbox also promoted Josh Grotstein to CEO; he’d served as the company’s COO since mid 2008. As founding partner of SAS Investors, Grotstein was also one of the company’s initial investors. He succeeds founder Chris O’Brien, who will now serve as EVP, strategy and corporate development, and chairman. Release.

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