Emerging video companies continue to soak up cash: The Post reports that Veoh’s latest pile was supplied by, among others, ex-Viacom CEO Tom Freston, Paramount’s Jonathan Dolgen, and Goldman Sachs. The $25 million comes on top of the $15 million the company has already raised. Peter Lauria, NY Post UPDATE: After waking up and reading this “news,” Managing Editor Peter Kafka notes that we already reported it a month ago, when it happened.
Veoh hosts and serves high-resolution video–which makes its business model even more cost-intensive than your average video start-up. The site also reportedly now attracts 18 million bandwidth-consuming uniques a month and is engaged in an expensive lawsuit with Universal, so it’s no mystery where all that cash is going.
Business Insider Emails & Alerts
Site highlights each day to your inbox.