NYC-based Web video startup Magnify.net has raised about $750,000 in Series A1 financing. This is in addition to the $1 million it raised in February. Innovation Ventures led the round, and all major investors returned, including RoseTech Ventures, NextStage Capital, Ogden Capital, and individual angel investors. Magnify also took on some debt issued by Vencore.
What’s Magnify.net? A service to add video to your Web site, including:
- Videos you make and host with Magnify.
- Videos from around the Web (YouTube, Hulu, Howcast, etc.) that you embed via Magnify’s back-end.
- Videos that your users submit and host with Magnify.
One way to think about Magnify is as a simpler version of Brightcove, which has abandoned its free products to focus on high-end media clients. Magnify uses Amazon Web services to deliver its videos.
Magnify’s clients include Taste of Home Magazine, which uses Magnify to power its Web video site. All told, almost 47,000 sites use Magnify, which is on track for 30 million video impressions this month.
Magnify.net has about 10 employees and aims to be cash flow break-even next year on about $1 million of revenue. It’ll use the money to keep building its Web video service, potentially expanding its sales department.
Business Insider Emails & Alerts
Site highlights each day to your inbox.