Web-video provider The FeedRoom -- which distributes online video for customers such as DirecTV, ESPN and The New York Times -- completed a $12 million financing round led by Pennsylvania-based private-equity firm NewSpring Capital.
As part of the investment, NewSpring general partner Marc Lederman will join The FeedRoom’s board. Other investors in the financing round include venture firms and existing FeedRoom investors BEV Capital and Velocity Equity Partners.
The FeedRoom said it will use the new capital to accelerate sales and further develop its fourth-generation video platform, which is being released over the course of the year.
“This infusion of capital is all about growth and the acceleration of our business model,” The FeedRoom president and CEO Mark Portu said in a statement. “We have been a leader in shaping this market for a decade and bringing in a partner such as NewSpring allows us to leverage the proven team and technology as fast and aggressively as possible.”
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