Online Video Sensation Magnifynet Raises $1 Million; Company Poised to Crack Top 10 Video Sites After Only One Year
Released on: February 28, 2008, 8:41 am
Press Release Author: Alison McNeill
Industry: Entertainment
Press Release Summary: Online Video Sensation Magnify.net Raises $1 Million; Company Poised to Crack Top 10 Video Sites After Only One Year
Press Release Body: New York -- February 28, 2008 -- Magnify.net, the fast growing online video discovery and broadcast platform for websites, groups and businesses, secured an additional $1 million dollars in financing to continue to grow the popular Video Broadcasting and Discovery Platform.
The new round included all existing investors including Next Stage Capital, New York Angels, Rose Tech Ventures, Active Angel Investors, and a number of individual investors including Chris Anderson. Joining in this round were new investors Ogden Capital and Gideon Gartner, founder of The Gartner Group.
Having just celebrated its first birthday, Magnify.net has seen remarkable growth in the past six months with total publishers passing the 30,000 mark and monthly visits soaring past three million. More than a thousand publishers a week are adding Magnify.net services to their Web sites.
Magnify.net lets people easily and instantly create and run online, \"themed\" TV stations as a destination or an extension to an existing corporate or personal Web site.
Unlike typical social networks that host video and connect people, Magnify.net provides the tools and resources to discover, review, organize and broadcast themed video -- regardless of where it\'s hosted.
Videos can be easily collected from other networks including YouTube, Metacafe, Dailymotion, AOL.com, Yahoo!, ClipSyndicate and Veoh, among others, or uploaded directly. Users can fully customize their channels to reflect their personal or business brand as well as share ad pages through the Magnify Ad Share Network to monetize traffic.
Magnify.net is the leading provider of contextual video discovery through its patent pending Automatic Video Discovery (AVD) platform search. Magnify currently manages 11,031,695 content items across the network and is adding 300,000 per week.
Magnify.net CEO Steven Rosenbaum said, "User generated video is moving into the mainstream and is inspiring site owners to evolve their text-based web sites to more effectively engage visitors. In addition to hosting videos, allowing relevant video submissions and enabling the discovery of contextual video is also cultivating a more active community. To have such a blue-chip group of investors express their confidence is absolutely exhilarating.\"
Proceeds from the round will be used to expand customer acquisition efforts, increase staffing for its Ad Share ad network, and continue to innovate in the technology that is evolving video into a community-centric solution for web publishers.
About Magnify.net
Magnify.net hosts more than 31,000 channels and allows existing websites and an emerging class of content entrepreneurs to build, manage, and monetize web video channels. The basic service is provided free and users can build and configure their channels at www.magnify.net.
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