Brightcove funds growth with $59.5 mil
EmptyNEW YORK -- Internet TV firm Brightcove has closed a $59.5 million round of strategic funding led by new investors that include the New York Times Co.
Brightcove said Wednesday that it will use the newly raised cash to "accelerate international expansion and solidify a market-leading position as the Internet TV market matures and consolidates in the coming year."
The capital infusion was led by AllianceBernstein Lp., Brookside Capital Llc. and Maverick Capital, and also included the New York Times Co. and Japan-based Transcosmos Investments & Business Development. All of the company's existing investors also participated, Brightcove said. They are Time Warner Inc.'s AOL unit, the Hearst Corp., Barry Diller's IAC/InterActiveCorp, Accel Partners, Allen & Co. Llc. and General Catalyst Partners.
The investment "will enable us to grow our business at a critical juncture in the adoption of Internet TV," Brightcove founder and CEO Jeremy Allaire said. One key focus will be "to give media partners better tools to distribute and monetize video online, and empowering consumers to interact with that content in exciting new ways."
AllianceBernstein senior vp Jamie Kiggen signaled that Brightcove's relationships with media companies are key to its success. "We've looked at many opportunities in this area and believe that Brightcove is well positioned for success in creating solutions that both media companies and consumers will embrace," he said.
Privately held Brightcove is based in Cambridge, Mass. Its previous funding round of $16.2 million was announced in November 2005.