Brightcove Raises $59.5 Million in Financing

CAMBRIDGE, January 17: The
Internet TV company Brightcove has completed its series C financing round,
raising $59.5 million from new investors AllianceBernstein, Brookside Capital,
Maverick Capital, The New York Times Company and Transcosmos.

The funding will be used
to drive Brightcove’s international expansion and solidify its place in the
Internet TV market. The company's existing strategic and financial investors
are Accel Partners, Allen & Company, AOL, General Catalyst Partners, The
Hearst Corporation, and IAC/InterActiveCorp.

"This investment in
Brightcove will enable us to grow our business at a critical juncture in the
adoption of Internet TV," said Jeremy Allaire, Brightcove’s founder and
CEO. "With the new funds we will be expanding internationally, deepening
our service offering to give media partners better tools to distribute and
monetize video online, and empowering consumers to interact with that content
in exciting new ways."

The investment from The
New York Times Company, one of Brightcove's earliest customers, strengthens
Brightcove's position providing Internet TV services to news and information
media companies expanding into online video. The partnership with Transcomos
Investments & Business Development gives Brightcove access to the Japanese
Internet video market.

"Brightcove's early
success in partnering with media companies that are driving the transition of
television and video distribution to the Internet puts the company in the right
position as Internet TV takes off on a broader scale," said Jamie Kiggen,
the SVP of AllianceBernstein. "We've looked at many opportunities in this
area and believe that Brightcove is well positioned for success in creating
solutions that both media companies and consumers will embrace."

Founded by Allaire in 2004
and based in Massachusetts, Brightcove is the Internet video partner for BSkyB,
Discovery Communications and MTV Networks, among others.