full text:
Major Media Companies Continue Investment; Former IBM, PictureTel, CMGI Executive Joins Board
Vitrue, the video-centric social media company, announced that it has closed a $10 million Series B round of financing led by Dace Ventures, with continued participation from major media companies Comcast Interactive Capital and Turner Broadcasting and strategic partner General Catalyst Partners. David Andonian, founder and managing partner of Dace Ventures and a former executive with IBM, PictureTel and CMGI, will join Vitrue’s Board of Directors.
Global marketers, agencies and media companies use Vitrue to safely connect with their consumers and audiences. Vitrue’s customers are in a wide array of markets such as travel, media, entertainment, CPG, restaurants, retail and sports and include such major organizations as Procter and Gamble, TBS, VH1 and Cincinnati Bell.
Vitrue creates branded video-centric social media sites that enable consumers to create, edit and submit videos and content. Its unique Review and Approve Module and additional services allow Vitrue’s customers to employ their own brand safety standards for all content that is posted.
“We at Dace Ventures have been diligently reviewing the online marketing and social media spaces in order to make investments in capital-efficient technology businesses that are headed for success, and we’re very excited to make this highly-strategic investment,” said Andonian. “Reggie is an entrepreneur with a proven track record, having built several successful companies throughout his career, and Vitrue has already assumed a leadership position in video-centric social media. We’re pleased to join his premier investment partners Comcast, Turner Broadcasting and General Catalyst Partners to guide the company through its next phase of growth.”
“By embracing video as an important component of social media, Vitrue’s customers are changing the way they interact with their audiences. While it’s exciting that we’ve attained a leadership position, our strategic investment partners are going to be key to helping us achieve the next level of success,” said Reggie Bradford, Vitrue’s chief executive officer. “David is joining our board at a critical juncture in our company’s growth. Throughout David’s long career in digital media, he has experienced great success identifying new trends just as they are emerging—he knows how to build companies and is going to be invaluable in helping us to strategically scale.”
Further information on Vitrue’s solutions and customer success stories can be found on its newly-launched Web site, www.vitrue.com.
About Dace Ventures
Based in Waltham, Mass, Dace Ventures is an early-stage venture capital firm with over $70 million of funds under management. Dace is actively investing in entrepreneurs building the Next Wave of internet-related innovations in digital media, consumer marketing and mobile services. First and foremost, the fund invests in entrepreneurs who are building great teams. Dace looks for companies with compelling innovation, first mover advantage in high-potential markets and an opportunity for the partnership to provide value at key inflection points of growth. Current investments include auctionPAL, CityVoter, LocaModa, Panraven and Vitrue. For more information, go to www.daceventures.com.
About Comcast Interactive Capital
Comcast Interactive Capital (CIC) is a venture capital fund focused on broadband, enterprise and interactive technologies. CIC is affiliated with Comcast Corporation, a diversified global leader in cable, broadband services, telecommunications, and entertainment. CIC's primary goal is to generate superior financial returns from private equity investments in early and growth stage technology and services companies. To achieve this goal, CIC works to foster the success of its portfolio companies by bringing to bear the unique resources, experience, and insight of both CIC and the Comcast family of companies. Additional information is available at www.civentures.com.
About General Catalyst Partners
General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has approximately $1 billion under management and is headquartered in Cambridge, Mass. For more information, visit: www.generalcatalyst.com.
About Turner Broadcasting System, Inc.
Turner Broadcasting System, Inc., a Time Warner company, creates and programs branded news, entertainment, animation and young adult media environments on television and other platforms for consumers around the world.
About Vitrue, Inc.
Vitrue, the video-centric social media company, empowers marketers, agencies and media companies to effectively and safely connect with consumers. Global companies and brands such as P&G’s Pringles, VH1, TBS and Cincinnati Bell have turned to Vitrue to establish deeper, authentic relationships with their audiences by creating online video communities and engaging consumer-generated promotions. Its platform and services enable companies to review consumer-created content with a proprietary “content filtering protection” capability, ensuring brand integrity. Privately-held, Vitrue is headquartered in Atlanta and has an office in New York. For more information, visit www.vitrue.com.