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Canadian video marketing company Vidyard raises $35 mln

Published 2016-01-26, 08:00 a/m
Canadian video marketing company Vidyard raises $35 mln

By Alastair Sharp
TORONTO, Jan 26 (Reuters) - Canadian video marketing company
Vidyard said on Tuesday it had received an additional $35
million (C$50 million) in funding from a group led by a U.S.
investor keen to get involved in its video technology.
Vidyard, whose software allows companies to measure the
effectiveness of video advertising, raised $18 million in early
2015 and was not planning another cash call when the U.S.
company, Battery Ventures, approached it in October, said
Vidyard CEO and co-founder Michael Litt.
"We were flush with cash, not looking to do a formal raise,
but Battery had a thesis developing on the space and wanted to
make an investment into a video marketing platform," Litt said
in a phone interview.
Battery was joined in the round by existing Vidyard
investors Bessemer Venture Partners, Salesforce Ventures, OMERS
Ventures, iNovia Capital and SoftTech VC.
"They paid a price that we thought was reflective of the
growth of the business," he added, declining to disclose the
price or the implied valuation of the whole company.
Michael Brown, a general partner at Battery, will join
Vidyard's board.
Litt said Vidyard had tripled its revenue in each of the
past two years, while media reports from the time of the last
raise had pegged valuation then at around $100 million.
Vidyard employs just over 100 people, and plans to move into
a space that can accommodate up to 300 people in June.
(1 Canadian dollar = $0.6997)

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