Web Video Startup Blip Snags $12 Million In Financing

Internet video website operator Blip announced it has secured more than $12 million in venture capital from existing investors, including Bain Capital Ventures and Canaan Partners, and debt from Silicon Valley Bank.

The company, formerly called Blip.tv, also announced it was dropping the ".tv" from its name and introduced a new logo.

To date Blip has raised over $24.5 million. About $6 million of the new round is a credit facility from Silicon Valley Bank, with the rest representing equity investments from the VC firms. New York-based Blip, founded in 2005, currently has 54 full-time employees.

Blip claims to have 30 million unique users worldwide per month, including more than 13 million in the U.S., with more than 330 million views per month. The original content on Blip ranges from dramas and comedies to series about sports, videogames, food and fashion.

The company said it will use the new funding to develop new tools and services for producers of independent Web series, as well as invest in its ad-serving and distribution platforms and expand syndication deals.

"For over six years, Blip has been a leader and innovator that has partnered with top independent Web series producers to showcase their talent, build audience and provide the scale needed to be financially successful on the web," Canaan Partners general partner Warren Lee said in a statement. "Mainstream entertainment is increasingly moving towards the discovery of original web series, and Blip is an industry leader focused on this emerging form and the producers who are steering the medium."

The decision to drop ".tv" from the name was to distinguish the network's content from that of traditional TV, according to Blip. The logo was designed by Chermayeff & Geismar, a design firm that has created logos for clients including NBC, PBS and Showtime.

Blip doubled its revenue in 2011, according to chief operating officer Steve Brookstein. The company does not disclose details of its finances.

Blip currently syndicates its content to a variety of partners, including iTunes, YouTube, Facebook, Twitter, Roku, Verizon FiOS, TiVo and Sony connected TVs.