Q: How long does it take to find a new CEO after you raise $12 million? A: Not that long, it turns out. Go figure.
Brooklyn-basedNew York-based Blip, which recently dropped the .tv and added a Networks, may not be a startup anymore. It’s more than six years old, its founders have already flown the nest, and it just hired a grownup CEO after a four-month search.
Kelly Day, EVP and general manager of digital media and commerce at Discovery Communications, will “take responsibility for the Company’s next phase of growth for its industry-leading advertising and distribution platforms,” according to a press release that comes about a month after Blip announced the fresh millions.
Finally, a Bain Capital story that doesn’t involve the term “vulture capital.” This morning, Blip, a video network highlighting original web series, announced a financing round of more than $12 million. Bain Capital Ventures, Canaan Partners, and other previous investors contributed $6.5 million as well as debt from Silicon Valley Bank totaling about $6 million.
The company, formerly known as Blip.tv, filed a Form D in December of last year, signifying that they had already raised $6 million from Bain and Canaan Partners.
In the press release, Blip claimed revenue had grown 100 percent year-over-year thanks to 13 million monthly uniques in the U.S. and 30 million monthly viewers globally. The new funding, said Blip, will be used to develop tools and services for web series producers, invest in its advertising and distribution platforms, and “significantly expand” syndication relationships.
Betabeat spoke with Blip COO Steve Brookstein to talk about the competition for eyeballs, whether YouTube is a friend or foe, and if he’s voting for Bain founder Mitt Romney.
The folks at Form D landed the SEC form for what appears to be a new round of funding at Blip Networks, the corporate name of blip.tv. So far the company has sold $6 million in shares on what would be its Series D, with the option to sell another $5 million still on the table.
For a long time blip.tv had a chicken and the egg problem. They wanted to focus on acquiring great content for their network of independent web shows. But it was hard to convince top show to come on board, because they didn’t have a lot of traffic.
Well traffic is no longer a problem at Read More