VideoEgg Receives $12 Million in Funding

VideoEgg, Inc., a leader in web-based video publishing solutions, recently announced a $12 Million Series C stock financing round led by Maveron, a leading consumer-focused venture capital firm. Previous investors August Capital and First Round Capital also participated in the round. The new funds will be used to evolve VideoEgg’s video enablement platform for site publishers and continue to grow the Eggnetwork, the company’s recently launched advertising network.

“We’re backing VideoEgg because of its ability to create simplicity for consumers,” said Jonathan Fram, managing partner at Maveron. “The technology platform VideoEgg has created is second to none. When combined with large social networking partners who thrive on user-generated content — several of which have already signed on — the potential reach of VideoEgg’s platform is enormous.”

“The popularity of online video over the past year has only begun to exhibit the potential effect this medium can have on advertising, as well as other kinds of revenue,” said David Hornik, general partner at August Capital. “We are excited about this new round and look forward to an accelerated development of VideoEgg and its continued adoption by top-flight social networks as the company executes its solid game plan.”

Currently, users of sites such as Bebo, Hi5, AOL, Dogster, Tagged, Current TV and dozens of other community sites can post video content using the VideoEgg Publisher from virtually any device with industry-leading speed and ease. The VideoEgg Publisher is a small browser plug-in that makes capturing, encoding, uploading, and sharing video online as easy and quick as posting photos.

“This second round of funding will help us to establish VideoEgg as the premier user-generated video enabler while we execute our advertising revenue model and expand our platform into additional social networking and vertical interest communities,” said Matt Sanchez, co-founder and CEO of VideoEgg, Inc.