Magnify.net takes $750K for web video hosting
Magnify.net, a New York-based startup that helps regular people add videos to their web sites, snagged $750K in first-round financing to expand its operations. It tacks this total onto the $1 million it raised in February. The service allows its users to make and host their own videos and embed videos from sites like YouTube, Hulu and Howcast on their own sites.
The recent round came from Innovation Ventures, Rose Tech Ventures, NextStage Capital, Ogden Capital, Vencore Capital and angel investors. Right now, about 47,000 different web sites use the company’s hosting services, poised to generate 30 million video views for November, reports Silicon Alley Insider.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.