ONLINE: Video Syndicator Gets $7.5 Million Series B
July 23, 2009
NEW YORK: 5min, a company that offers up topical online video for syndication, secured $7.5 million in Series B financing. The round was led by a new investor, Globespan Capital Partners of Boston. Existing investor Spark Capital, also of Boston, participated as well. Globespan Managing Director Jonathan Seelig will join the 5min board of directors.
5min syndicates its content through a semantic video engine it calls “VideoSeed,” in combination with a proprietary video player. The company pegs its “potential” audience at more than 200 million unique visitors monthly, of whom 14 million watch at least one video per month. The group says it has more than 100,000 “professionally produced” videos through partnerships with several print publications such as Elle, Car & Driver, Kiplinger and Woman’s Day.
5min said it will use the funding to expand the syndie platform, which allows Web site proprietors to integrate video content relevant to their own subject matter.
The B round brings 5min up to a total of $12.5 million in funding since 2007, according to Peter Kafka of All Things Digital.