July 9th, 2008
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West Palm Beach (HedgeCo.net)- Hedge funds Sequoia Capital, Sherpalo Ventures, Kleiner Perkins Caufield & Byers, and DAG Ventures were led by Crosslink Capital in investing $15 million in entertainment network MEVIO.
Adam Curry, co-founder and president of the company said, "MEVIO is building a full-scale entertainment network that incorporates all of the positive elements of traditional media along with the benefits of scale and insight offered by the Internet."
"The first wave of online video was a total failure for brand advertisers," said Ron Bloom, co-founder and chief executive officer, MEVIO. "In order to attract the billions of dollars of brand advertising spending that is still dedicated to television programming, online companies will have to provide audience and frequency at a scale to compete with traditional broadcast, and build it around brand-safe content that is relevant and entertaining. MEVIO is building that network."
In May of 2008, the company attracted over 9 million unique monthly visitors, up over 800 percent in the last twelve months. For the second quarter of 2008, MEVIO estimates page-views to exceed 140 million, up over 1,800 percent quarter over quarter. With the launch of its vertical entertainment networks, the company is exploring syndication opportunities that management believes will dramatically enhance MEVIO’s already impressive reach.
Alex Akesson
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