Veoh grabs more financing
Secures $30 mil from Intel, Adobe and Gordon CrawfordVeoh Networks, an online video service that competes with the likes of Google's YouTube and the NBC/News Corp. venture Hulu, secured another $30 million in financing, the company said Tuesday.
The new funding from Intel, Adobe Systems and media investor Gordon Crawford is on top of $69.5 million previously raised by Veoh from such investors as Time Warner and former top media executives Michael Eisner, Tom Freston and Jonathan Dolgen.
Veoh said it will use the new cash for beefing up its ad-targeting capabilities, creating localized versions of the service and expanding its abilities to offer video on mobile devices and TV screens.
"The world of Internet television has changed dramatically in the past year," Veoh CEO Steve Mitgang said. "No longer limited to shortform video sharing, viewers are now tuning in online to watch longform, quality entertainment."
Veoh has distribution relationships with CBS, MTV and FearNet. It boasts 28 million users who spend an average of more than 100 minutes per month on the service.