Blog Post

Online Video Producer Generate Completes $2 Million First Round Add-On

Online video firm Generate has added $2 million to the $6 million first round it raised in March ’08, the company’s CEO Jordan Levin told paidContent. Details about the add-on, which was completed last month, were contained in an SEC filing earlier today. The round was led by existing backers Fuse Capital (formerly Velocity) and MK Capital. “We had been planning on acting on this round,” Levin said. “Fuse and MK both held the amount in reserve. We take this as vote of confidence that things are trending in the right direction for us, despite the rough economy.” The Santa Monica based company plans to continue to build out its executive team to support its three revenue streams: its video production and branded entertainment work; research; and talent management.

Other deals: Apart from the funding, Levin is concentrating on its relationships with and 20th Century Fox. Levin, the former CEO of The WB TV network, has produced a web series for video site called The Lake. The company created a dozen 10-minute webisodes directed by Jason Priestly, that center on a family vacation spot. Generate has also been working with 20th Century Fox studios on producing programming for TV. Levin also expects to do some more work with Fox Interactive and MySpace.

The Velocity connection: I asked Levin if former Velocity partner and current News Corp (NYSE: NWS). digital head Jon Miller is expected to play a role in getting Generate more involved with its online video plans. Levin said he didn’t think Miller’s past involvement as an investor will give Generate any additional advantages. “I think Jon has larger priorities right now than helping us out,” Levin said. “We already have existing relationships with Fox’s properties. Plus, it wasn’t Jon but (Velocity/Fuse partner) Ross Levinsohn who has always had the seat on our board and we talk with him regularly. Jon has always been engaged, but Ross has been the day-to-day person for us.”