Original web series destination site Blip has just closed a $12 million financing round, raising $6 million from existing partners including Canaan Partners and Bain Capital Ventures, along with $6 million of debt from Silicon Valley Bank. According to MediaPost, “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.”
The first $6 million was actually announced back in December, but the $6 million in debt was just announced this week. Back in December, Blip also dropped the TV from their former name, Blip.tv, and released a new logo. Janko Roettgers of GigaOM quotes a press release that reports that, “This was done to distinguish the network’s content from that of traditional TV.”
In addition to the funding and the new TV-less logo, Blip has gone through a few other major changes over the last few months. They are on the search for a new CEO, after co-founder and CEO Mike Hudack went on “indefinite medical leave” in mid-October and Dina Kaplan, another one of Blip’s five cofounders, is also leaving the company. She told Tubefilter, “I will be transitioning from the company, which is in great hands now. I look forward to focusing on a new project and passion I’ve been incubating. After a respite on a bamboo hammock, I’m looking forward to fully diving into what’s next.”
Blip now serves over 13 million monthly unique viewers within the US and about 30 million worldwide. They attract over 330 million views per month. According to MediaPost, Blip’s annual revenue grew by 100 percent in 2011 and COO Steve Brookstein says, “In 2012, we will further commit to our producer base by offering exclusive arrangements that will continue to drive our common goals.” Brookstein is serving as Hudack’s temporary replacement until they find a permanent CEO.
Image credit: Lukiyanova Natalia / frenta
Megan O’Neill is the resident web video enthusiast here at Social Times. Megan covers everything from the latest viral videos to online video news and tips, and has a passion for bizarre, original and revolutionary content and ideas.