In 2004, when Ron Bloom and former MTV VJ Adam Curry, founded Podshow, the company seemed a plausible contender for next-big-thing status. But the podcasting industry never took off, and a few months after the two men started their company, a couple of ex-PayPal employees founded YouTube.
Four years later, Podshow has a new name — Mevio — and a new focus — syndicating original video across the Web. And now it has more cash: It has raised a $15 million Series C led by Crosslink Capital and joined by Kleiner Perkins Caufield & Byers, Sequoia Capital, Sherpalo Ventures and DAG Ventures. All are returning investors.
The new round means Mevio/Podshow has raised a total of $38 million, which they argue is fairly modest considering the company’s years in business and the cash raised by some of its online video competitors (see, for instance, Veoh and its $70 million). The site had 9 million uniques in May, according to comScore.
Mevio’s model is buying cheap, original video, selling advertising and sponsorships, and syndicating across the Web. The bulk of the new money will be used to create and acquire new (advertiser-friendly) content.
Bloom says the company is building out channels with video and editorial content built around technology, men’s and women’s interest, and general entertainment. The company also creates branded video for advertisers like Coke, Anheuser Busch, HP, etc. Videos on the site are showing pre-roll ads for ABC Family and Snickers. Bloom says Mevio sells advertising for Web shows at a $15-$50 CPM. He says he expects Mevio to turn profitable in Q4.
Business Insider Emails & Alerts
Site highlights each day to your inbox.