Kitchener’s Vidyard announced today it has raised $18 million in Series B funding led by Bessemer Venture Partners with participation from existing investors iNovia Capital, OMERS Ventures, Salesforce Ventures and SoftTech VC.
According to the Wall Street Journal, today’s announced round is based on a valuation of close to $100 million.
Vidyard will use the funds to fuel the growing global demand for video marketing platform technology and to expand its product offerings for marketing and sales.
Byron Deeter, Partner at Bessemer Venture Partners, will join Vidyard’s Board of Directors. Deeter penned a blog post this morning announcing the funding titled A Video is Worth 18 Million Words.
“Video is becoming a game-changer for marketing and sales, and we will bet big on video enablement in the years ahead,” said Deeter. “Businesses will need to invest in a Video Marketing Platform to fuel the success of their marketing and sales efforts, and Vidyard is leading the way in both product innovation and customer value.”
“I’m proud to say that we’ve built the Video Marketing Platform category and the best tools for businesses to generate more revenue through the strategic use of online video,” said Michael Litt, Co-Founder and CEO of Vidyard.
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“This latest round of funding combined with the momentum we’ve seen in the past year – including more than tripling our revenue and employee base – further validates that video marketing has become a critical function within both B2C and B2B organizations.”
Vidyard turns video content into an active tool for lead generation, qualification and customer insight. By identifying and tracking each individual viewer, Vidyard helps businesses quickly identify their most engaged prospects and improve the results of digital marketing and sales programs.
Vidyard also tracks which videos best resonate with audiences and influence the greatest amount of revenue, helping marketers optimize their investments and make smarter decisions
Vidyard was a finalist for Techvibes Startup of the Year award in 2012 and is currently hiring.