Indy Net Video Gets Boost: Blip Secures Over $12 Million in Financing

Posted by Richard Kastelein in Breaking News on February 10, 2012  |  0 Comments More from this author  |    |  Follow Richard Kastelein on: Facebook | LinkedIn | Twitter | YouTube

Blip, one of the Internet's largest independently owned and operated video networks which has presence on connected devices such as Boxee and Roku and claims more than 13 million unique US viewers - approximately 30 million global viewers monthly, today secured over $12 million in venture capital from existing investors.  Bain Capital Ventures and Canaan Partners alsong with some debt from Silicon Valley Bank make up the VC round. With this new funding, the company will develop new tools and services for producers of independent web series, further invest in its industry-leading advertising and distribution platforms and significantly expand its syndication relationships.

"For over six years, Blip has been a leader and innovator that has partnered with top independent web series producers to showcase their talent, build audience and provide the scale needed to be financially successful on the web," said Warren Lee, General Partner at Canaan Partners and Blip board member. "Mainstream entertainment is increasingly moving towards the discovery of original web series, and Blip is an industry leader focused on this emerging form and the producers who are steering the medium."

In addition, Blip today officially debuts a new logo that jettisons ".tv". This was done to distinguish the network's content from that of traditional TV. The logo was designed by Chermayeff & Geismar, the world-class design firm that created the signature logos for iconographic brands including NBC, PBS, Showtime and Time Warner.

"Blip continues to aggressively grow its revenues, with 2011 revenues 100% higher than a year ago, which is very positive momentum for both our producers and for the Company," said Steve Brookstein, Chief Operating Officer for Blip. "In 2012, we will further commit to our producer base by offering exclusive arrangements that will continue to drive our common goals."

At the recent 2012 Consumer Electronics Show (CES), the International Academy of Web Television (IAWTV) awarded Blip the "Best Distribution Platform" award, a category that also included Hulu, Dailymotion, Crackle and Joost as nominees.