Newbie Netcaster Eveo announced Tuesday that the company closed $15 million in financing last week, scoring funds from venture capital firms Mission Ventures, Media Technology Ventures and Thomson Multimedia.
Eveo, which launched April 3, posts shorts online and pays the filmmakers based on how many times the submission is downloaded. The San Francisco-based Web site offers 1,000 titles. The company’s business plan involves bringing in revenue from e-commerce and the syndication of its titles to other Web sites.
“This round of funding will be critical to developing our business-to-consumer and business-to-business offerings, making Eveo generic for user-generated short video and expanding our distribution and presence internationally,” said CEO and founder Olivier Zitoun.
The $15 million influx is the second round of financing for the company. Zitoun declined to reveal the amount raised in the first round, although he said that Media Technology Ventures led the initial round of financing.
“Eveo understands that digital entertainment on the Web is a whole new art form, not merely old content in a new medium,” said Jeffrey Starr, a partner at Mission Ventures who will join Eveo’s board of directors. “Eveo’s vision of democratizing entertainment is a tremendously compelling one; they’re first to market in actually delivering mass submission and distribution of video content, all in the context of a highly innovative business model.”