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News and Information Article
SAN FRANCISCO, Sept. 28 // -- VideoEgg, Inc., a leader in
web-based video publishing solutions, today announced a $12 million Series
C stock financing round led by Maveron, a leading consumer-focused venture
capital firm. Previous investors August Capital and First Round Capital
also participated in the round. The new funds will be used to evolve
VideoEggs video enablement platform for site publishers and continue to
grow the Eggnetwork, the companys recently launched advertising network.
"Were backing VideoEgg because of its ability to create simplicity for
consumers," said Jonathan Fram, managing partner at Maveron. "The
technology platform VideoEgg has created is second to none. When combined
with large social networking partners who thrive on user-generated content
-- several of which have already signed on -- the potential reach of
VideoEggs platform is enormous."
"The popularity of online video over the past year has only begun to
exhibit the potential effect this medium can have on advertising, as well
as other kinds of revenue," said David Hornik, general partner at August
Capital. "We are excited about this new round and look forward to an
accelerated development of VideoEgg and its continued adoption by
top-flight social networks as the company executes its solid game plan."
Currently, users of sites such as Bebo, Hi5, AOL, Dogster, Tagged,
Current TV and dozens of other community sites can post video content using
the VideoEgg Publisher from virtually any device with industry-leading
speed and ease. The VideoEgg Publisher is a small browser plug-in that
makes capturing, encoding, uploading, and sharing video online as easy and
quick as posting photos.
"This second round of funding will help us to establish VideoEgg as the
premier user-generated video enabler while we execute our advertising
revenue model and expand our platform into additional social networking and
vertical interest communities," said Matt Sanchez, co-founder and CEO of
VideoEgg, Inc.
About VideoEgg
VideoEgg is a video-enabling platform that allows Web publishers to
painlessly integrate video into their site experience and generate
advertising revenue. The companys suite of tools makes it easy for end
users to capture, edit, encode and post video online. A "universal adapter"
captures video directly from virtually all digital devices resulting is
faster upload times, and publishes it in a format that anyone can watch
without worrying about player compatibilities. The VideoEgg network reaches
millions of users through leading social networks and communities including
AOL, Bebo, Dogster, Hi5, Tagged and Current TV. Based in San Francisco,
VideoEgg is funded by Maveron, August Capital and First Round Capital. For
more information, visit: http://www.videoegg.com.
About Maveron
Headquartered in Seattle, Washington, Maveron LLC is a leading
consumer-focused venture capital firm. Founded in 1998 by Howard Schultz
and Dan Levitan, Maverons mission is to partner with entrepreneurs in the
creation of extraordinary companies across the Consumer Continuum in order
to generate outstanding financial returns. Representative Maveron
investments include fast-growing classic consumer companies, such as
Potbelly Sandwich Works and Cranium, businesses that use technology to
deliver goods and services directly to consumers, such as eBay and Capella
University, and companies like Allconnect and GameLogic, which supply
technology and services to consumer-facing businesses. For more information
about Maveron, visit http://www.maveron.com.
About August Capital
Founded in 1995, August Capital is a leading venture capital firm that
invests in entrepreneurial teams throughout the information technology
market spectrum. With more than 50 years of combined venture capital
experience and dozens of successful IPOs and public company board
relationships, August Capital partners have financed technology companies
with an aggregate market capitalization of more than one-half trillion
dollars.
About First Round Capital
First Round Capital is an early stage venture capital firm managed by
Josh Kopelman, founder of Half.com and Howard Morgan, a founder of Idealab.
First Round Capital provides seed-stage investment for innovative
technology companies, often providing a companys first outside capital. As
former entrepreneurs, the principals understand the challenges of launching
a new enterprise and look to take an active role in portfolio companies.
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