Blip.tv has raised a $10.1 million round of financing aimed at rapidly growing its business for the distribution and monetization of web video shows, the company said this morning. The funding round, Blip.tv’s third, was led by Canaan Partners and included existing investors Bain Capital Ventures.
Over the past year, Blip.tv has seen impressive growth in the number of videos it serves as well as the amount of advertising it’s been able to bring in. The company delivers about 90 million streams per month, and monetizes about 85 percent of those views with ads from blue-chip marketers like GM (s gm), General Mills (s GIS), and AT&T (s T). Now it’s looking to accelerate that growth by investing in new product development and audience development to help its content producers reach a wider range of viewers.
“We have a business model that works, and when you have a business model that works, you have to step on the gas and accelerate its growth,” CEO Mike Hudack said in a phone interview. “This [funding] will allow us to offer even more for our show producers, business partners and advertisers.”
Blip.tv recently opened an L.A. office and hired Epic Fu co-creator Steve Woolf to be its West Coast director of content development. It’s also been growing its sales force across the country and internationally. According to Hudack, the company has grown from about 20 employees at the beginning of the year to 27 today, and he expects that number to rise to 30 over the next few months.
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