Internet TV Distributor Brightcove Raises $59.5 Million

Authored by Mark Hefflinger on January 17, 2007 - 9:06am.

Cambridge, Mass. - Brigtcove, a provider of Internet TV distribution services, announced on Wednesday that it has raised $59.5 million in its third round of financing.

AllianceBernstein, Brookside Capital and Maverick Capital co-led the investment round. Also participating were new investors The New York Times Company and Transcosmos Investments & Business Development, and existing investors Accel Partners, Allen & Company, AOL, General Catalyst Partners, The Hearst Corporation and IAC/InterActiveCorp.

Cambridge, Mass.-based Brightcove provides Internet TV broadcasting services for customers including BSkyB, Discovery, Dow Jones, MTV, The New York Times Company, Reuters, Sony BMG and Warner Music Group.

"This investment in Brightcove will enable us to grow our business at a critical juncture in the adoption of Internet TV," said Brightcove founder and CEO Jeremy Allaire. "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."