The FeedRoom, Inc. Raises Over $5 Million In Series D Funding From New And Existing Investors
The FeedRoom, Inc., a broadband marketing solutions company which recently launched the NCAA March Madness on Demand online broadcast for CBS Sportsline and AOL, today announced that it has raised over $5million from both new and existing investors. The FeedRoom will use the capital to expand its sales and marketing efforts.
The company builds and operates more than 170 broadband websites for clients including General Motors, Cisco, Sun Microsystems, NBC, Comcast, Tribune Company, Reuters, AOL, iVillage, and the U.S. Air Force. Together those sites deliver more than 1 million video clips per day over the Internet, offering corporate information as well as general news and entertainment. Based on current revenue run rates, the raise takes The FeedRoom to profitability in the next several quarters.
BEV Capital, a Stamford, Connecticut-based venture fund with over $200 million in capitalled the round. BEV joined existing investors Warburg Pincus, Ridgewood Capital, Constellation Ventures, Circle-T Partners, the New York City Investment Fund, Peter Lund, former CEO of CBS, and Ken Moelis, head of U.S. investment banking for UBS Warburg, in the Series D capital raise. Marc Singer, a BEV General Partner, and Mike Majors, Vice President of BEV, have joined The FeedRoom's board of directors, which includes Bob Gold, President of Ridgewood Capital, Seth Platt of Circle-T Partners, Peter Lund, and FeedRoom President & CEO Jon Klein.
"Broadband enables the delivery of TV over the PC," said Klein, who was previously executive vice president of CBS News, where he oversaw 60 Minutes. "The FeedRoom's blend of media expertise and battle-proven technology enables us to launch television networks that live online, leading to lower-cost, higher-yield delivery of corporate communications, news, and entertainment."
According to Singer of BEV, "The FeedRoom has the best product in the broadband marketing space, as well as a blue-chip client base. We believe Feedroom is well positioned to be the dominant provider of on-line video solutions to corporations, allowing companies to use video to communicate more effectively with their customers, partners, and stakeholders.
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