05.01.2009 01:45 PM
ONLINE: Web Video Ad Broker Gets $12 Million C Series
SAN MATEO CALIF.: FreeWheel, a company that brokers revenue-shares in the online video arena, closed $12 million in Series C venture capital funding this week. The round led by Foundation Capital and existing investor Battery Ventures. Ashmeet Sidana of Foundation Capital joins FreeWheel’s board of directors with this round.
FreeWheel’s platform is called “Monetization Rights Management.” It allows video content owners and distributors to manage inventory allocation, accounting and ad delivery. The company said it has signed more than 15 content providers and added 15 ad networks and distribution partners, and grown to 70 employees in San Mateo, New York, and Beijing.
FreeWheel’s clients in clued CBS, The WB, “Inside Edition,” “ET,” Sling Media, Roku, Joost, Veoh, DoubleClick, Microsoft, Yahoo, and Visible World among others. The company was founded by Doug Knopper and Jon Heller, both provide by TV Week magazine last year in the “Digital Dealmakers” series. The sums raised in the company’s first two rounds, both from Battery, were undisclosed. – Deborah D. McAdams.