Having been founded in 2011, and launched its product in 2013, VideoElephant has topped up its growth war chest by raising a new $1 million round.
The business secured an identical amount in December 2012 through a deal involving ACT Venture Capital and Enterprise Ireland, with AIB seed capital fund Dublin Business Innovation Centre (DBIC) joining the new round alongside existing backers.
VideoElephant’s technology sources, aggregates and sells online video content to web publishers so that it can be used for generating advertising revenue.
Its content library features videos from the likes of the Press Association and National Geographic, with 100,000 short-form videos, 15,000 long-form hours of content and 15 genres available.
Stephen O’Shaughnessy, founder and CEO of VideoElephant, comments, ‘Our recent content and adtech partnerships wins, coupled with this latest round of investment, supports our development in Dublin, and expansion into New York and Los Angeles – centres for innovation in our industry.
‘Establishing a presence there will generate new content partnerships and extend our capability to provide end-to-end content solutions.’
O’Shaughnessy is leading the company’s US push through the development of an office on the west coast of the country – alongside what are described as ‘new business opportunities’ in Tel Aviv, London and New York.
‘These events allow us to tap into the fast dynamic ecosystem of adverting and content marketing,’ adds VideoElephant head of business development Brian Cullinane. ‘Establishing VideoElephant abroad, especially in the United States, allows us to connect with existing and new partners on both the demand and supply side of video content.’
Having recently signed up ITN, Maker Studios and Newsy as additional content suppliers, VideoElephant is adding 300 pieces of new content a day.