Blip Closes $12M Financing

Blip, a New York City-based online video network, has closed $12m in capital.

Backers include existing investors Bain Capital Ventures and Canaan Partners. The round also includes debt financing from Silicon Valley Bank.

The company intends to use the capital to develop new tools and services for producers of independent web series, further invest in advertising and distribution platforms and expand its syndication relationships.

Co-founded by CTO Justin Day and CEO Jared Klett, Blip Networks allows viewers to discover original web series from both professional and up-and-coming producers of a wide variety of dramas and comedies, series about sports, videogames, food, fashion, etc. The company currently syndicates series to iTunes, YouTube, Facebook, Twitter, Roku, Verizon FiOS, TiVo, Sony TVs, etc.
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