Blip Raises $12 Million In Funding
Somehow along the way, Blip.tv lost much of its appeal as the web’s number ne destination for series video, but the site has quietly maintained its focus. So much so that it still manages to attract investor funding. The company recently raised over $12 million in a fresh funding round, to the surprise of many who felt that Blip had lost its touch. The round was led by existing partners in the company and comprised of debt and equity funding. Canaan Partners and Bain Capital Ventures led the equity portion of the round, contributing $6 million. The debt portion of $6 million was led by Silicon valley Bank.
According to one source close to the funding round, “Blip now plans to develop new tools and services for independent online producers; invest further in advertising and distribution platforms; and foster more syndication relationships.”
Much of this fresh capital injection will go towards rebranding Blip and help it distinguish its content from that of traditional TV. Nowhere is this push for evident than in the new logo of Blip, which now does away with the ‘TV’ emblem that many are familiar with. This rebranding effort will also help towards shoring up the 13 monthly unique US visitors the site currently gets, as well as bolster the worldwide traffic which currently strands at over 30 million monthly uniques.