Veoh Goes for the Big Money
Veoh has raised $26 million in Series C funding, according to peHUB, with Goldman Sachs leading the round and Spark Capital and Shelter Capital Partners upping their stakes. peHUB thinks it’s likely Michael Eisner’s Tornante and Time Warner Investments participated as well. San Diego-based Veoh has raised more than $40 million in total.
peHUB makes a big deal about the amount, which we’ll grant is huge, saying “it dwarfs what Veoh’s competitors have raised.” However, Veoh, which has always had a desktop client component, is developing technology that would put it in competition with Joost and Babelgum. Joost recently raised $45 million in one round alone, and Babelgum has taken $13.2 million (in personal funding; see comments below).
A Veoh spokesperson as much as confirmed the round when we called him this morning. We are waiting official comment. Veoh told us yesterday its user base is now 12.5 million, up from 4.4 million in February.
Veoh Dmitry Shapiro emails to say,
“This is an extremely exciting time for Veoh. We are not ready to disclose all of the specifics due to ongoing discussions with a number of strategic partners. Once all details are finalized, we will announce the full scope of this major company news.”
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Slight clarification: The entire $13.2 million that has been invested in Babelgum has come directly from its founder and Chairman, Silvio Scaglia.
Wilson on June 14th, 2007 at 1:03 pm - Permalink
Thanks, you’re right, I should clarify that.
Liz Gannes on June 14th, 2007 at 1:43 pm - Permalink
Veoh has championed our original content from the get go and is a innovative visionary in this space. Yeeeho for Veoh!
Cory on June 14th, 2007 at 2:58 pm - Permalink
I’ve always been impressed with Veoh’s technology development. They’ve been really good with iterating their technology to respond to end-user needs. I think this is what has put them ahead of competitors like Revver and Metacafe, who it seems have been focused on chasing YouTube.
Chris Neumann on June 15th, 2007 at 8:53 am - Permalink
[...] says its “user base” is now 12.5 million, up from 4.4 million in February — we’re assuming that’s monthly uniques, but are [...]
VentureBeat » Veoh, the high-quality video sharing site, raises $26M on September 13th, 2007 at 7:00 am - Permalink
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