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VideoEgg Hatches $12 Million in Funding

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Sep 28, 2006 

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Sarah Novotny  |

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VideoEgg Hatches $12 Million in Funding

VideoEgg, a social video ad network which launched on Monday, has just announced it has received $12 million in round C funding, headed by venture firm Maveron. August Capital and First Round Capital, two of VideoEgg’s existing investors, also contributed.

VideoEgg will use the new funds to expand the ad network and make VideoEgg videos more attractive to publishers. Currently users of sites like Bebo, Hi5, AOL, Dogster, Tagged, and Current TV can post videos from any devices using the VideoEgg system.

“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 VideoEgg CEO Matt Sanchez in a statement. Both Maveron and August Capital have expressed their interest in VideoEgg based on its ease of use and its potential market of both social networks and vertical sites.

The VideoEgg system lets users quickly upload video and publish it in a platform-agnostic format. The company already claims to be streaming more than 20 million videos a day.

Tags: social_networking, streaming_video, vc_funding and videoegg

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