We announced today $7.5 M in funding from Venrock and Hearst Interactive Media. From our press release announcing the funding issued today:
The funding will enable the development of new, innovative online video products and services for TurnHere customers, as well as enhanced tools for the growth and expansion of the TurnHere filmmaker network and in-house production team.
“TurnHere is an Internet video pioneer, developing a unique style and approach. The company has transformed online video advertising, producing high-quality online video that is affordable for companies of all sizes – from local merchants to national brands,” said Rich Moran, partner, Venrock. “Given its achievements working with companies across several vertical markets, we believe TurnHere is well-positioned for future growth.”
We're of course excited about the funding as a validation of the approach TurnHere has taken towards online video production. Creating lean-forward, online content that is engaging, relevant, authentic and searchable has proven to be an effective and exciting form of online advertising for businesses of all sizes and types.
"This financing validates TurnHere’s success in pioneering a new form of video creation that is authentic, relevant and provides demonstrable benefits to our clients,” said Bradley Inman, founder and CEO, TurnHere. “Both Venrock and Hearst Interactive Media share our vision to further broaden our offerings and enhance our leadership position in the market.”
“TurnHere has developed a solid business model unmatched in the industry, based on the tremendous value of its global filmmaker network and its superior platform of video production and distribution,” said Kenneth Bronfin, president, Hearst Interactive Media. “As adoption of online video continues to increase and companies move more of their advertising budget to the Internet, TurnHere is in a prime position to capture this demand and grow its business.”
If you're looking for more coverage on the announcement there are some great articles at Beet.tv, NewTeeVee, Mashable, VentureBeat, The Kelsey Group, Venture Wire, East Bay Business Times and Paid Content.
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