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Brightcove Raises $59.5M

Brightcove raises $59.5 Million in Series C Round

January 17, 2007

1 Min Read

CAMBRIDGE, Mass. -- Brightcove announced today the closing of a $59.5 million strategic funding round that will allow the Internet TV company to accelerate international expansion and solidify a market leading position as the Internet TV market matures and consolidates in the coming year.

Led by AllianceBernstein L.P., Brookside Capital LLC, Maverick Capital, Ltd., the funding round also includes investments from The New York Times Company (NYSE:NYT) , and Transcosmos Investments & Business Development, Inc., as well as all of the company's existing strategic and financial investors: Accel Partners, Allen & Company LLC, AOL (NYSE:TWX) , General Catalyst Partners, The Hearst Corporation, and IAC/InterActiveCorp (NASDAQ:IACI) . Morgan Stanley (NYSE:MS) and Allen & Company served as placement agents for the financing.

"This investment in Brightcove will enable us to grow our business at a critical juncture in the adoption of Internet TV," said Jeremy Allaire, Brightcove founder and chief executive officer. "With the new funds we will be expanding internationally, deepening our service offering to give media partners better tools to distribute and monetize video online, and empowering consumers to interact with that content in exciting new ways."

Brightcove Inc.

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