A day after Yahoo bought the online video tools editing site Jumpcut, a similar service VideoEgg has received $12 million in funding in its third round. The round was led by Maveron, a VC firm co-founded by Starbucks Chairman Howard Schulz. Previous investors August Capital and First Round Capital also participated in the round.
The new funds will be used to evolve SF-based VideoEgg’s white label video upload and sharing platform and to grow Eggnetwork, its recently launched video advertising network.
BW: It’s not clear exactly how large a stake the investors purchased, although it is believed to be about 20%. The site is used to download 15 million videos a day, the company said.  It has also recently announced agreements with social networking and media sites Bebo, Dogster, Hi5, AOL (TWX), Current.tv, and Tagged, and plans to generate 50 million downloads a day by the end of 2006.
Related:
—Video Vendor Consolidation: VideoEgg Acquires Popcast
—Online Video Publishing Service VideoEgg Gets Venture Funding