Brightcove Raises Another $12 Million; Says An IPO May Come Next Year
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Online video platform company Brightcove has raised $12 million in a fourth round of funding—and is now talking about going public as soon as next year. CEO Jeremy Allaire (pictured) told us this fall that his company—which has now been profitable for nearly a year—did not need to raise additional cash, but Accel Partners managing partner (and returning Brightcove backer) Jim Breyer tells the WSJ that his firm approached Brightcove about the possibility of providing more cash, which will be used to expand Brightcove’s infrastructure and also for expansion in Asia and Europe.
Business at Brightcove is booming; reports have put the company’s 2009 revenue at about $80 million, up 50 percent from a year ago. Still, Brightcove continues to face steep competition from established players like Comcast-owned ThePlatform, which has recently talked about targeting smaller customers, as well as new entrants, like Google (NSDQ: GOOG)—which at one point had been said to be interested in purchasing Brightcove—but bought online video platform Episodic just last week.
SEE ALSO: Brightcove Raises Another $59.5 Million In Third Round; NYTCO Among New Investors
Brightcove had raised a huge $59.5 million third round three years ago and subsequently received additional funding to launch a Japanese subsidiary. With this new funding, Brightcove will have now raised more than $100 million. The new cash comes from Accel Partners and General Catalyst Partners. Existing investors, including AOL (NYSE: AOL), Hearst, AllianceBernstein, Maverick, and Brookside Capital, also participated.
Posted In: Money, IPO, M&A & Venture Capital, Venture Capital, Social Media, Video, accel partners, brightcove, general catalyst partners
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