Tuesday, December 16, 2008
Overlay.TV Closes Second Round Financing
Secures $4.6 Million for Expansion of Premium Content Offering
OTTAWA, CANADA, December 16, 2008 – Overlay.TV, a truly interactive video platform that customizes online video by layering on additional content, today announced a second round financing of $4.6 million. The financing will be used to continue Overlay.TV’s already successful trajectory of monetization for user-generated content, and fund its expansion into premium content and additional brand partnerships. The financing comes from the company’s existing investors: Celtic House Venture Partners, Tech Capital Partners and EdgeStone Capital Partners.
“Video adoption continues to grow on the Internet, but unlike most standard platforms, Overlay.TV has something different to offer: a deeper engagement with a richer online video experience. This is what makes Overlay.TV such a promising platform for both our customers and our investors,” said Rob Lane, CEO of Overlay.TV.
“We also understand that during these tough economic times, companies are looking for ways to optimize spending, and Overlay.TV has proven that we can deliver better results. This second round of financing validates our progression, and will allow us to continue to develop products that encourage consumers to interact with content and brands in new and exciting ways.”
Overlay.TV launched its first general release on September 4, 2008, after a six-month beta program, and since then has announced deals with Nettwerk Music Group, Hollywood Records, KidzBop and Transcontinental Media. Projects include the launch of interactive Uh Huh Her and Sarah McLachlan videos for Nettwerk; Overlay.TV Vocal Booth, which allows fans to sing along with the Jonas Brothers karaoke style; as well as deeper integration of the Overlay.TV platform into KidzBop to provide a white-label solution to power KidzBop video experiences. Overlay.TV has also created interactive content treatments for online magazines Elle Canada and Style at Home. Additionally, Overlay.TV began providing access to an API and SDK which allows further customization of the platform.
To date, thousands of Overlays are already embedded in blogs, web pages, online shops, and social networking profiles. The simplicity and elegance of Overlay.TV’s technology means that anyone posting video content now has a tool to add contextual information directly onto that video content, delivering a more engaging opt-in experience that is very easy to share with others. Overlay.TV also gives authors, content owners and e-commerce providers a measurable return on investment without increasing the costs associated with original video production. Learn more about Overlay.TV by visiting the site at http://overlay.tv or the company blog at http://blog.overlay.tv.
About Celtic House Venture Partners
About Tech Capital Partners Inc.
About EdgeStone Capital Partners