VideoEgg secures $15m in funding
LONDON - VideoEgg, the video advertising network for online communities, has secured $15m in funding.
Focus Ventures led the funding round, with WPP, August Capital and Maveron also contributing.
VideoEgg, which delivers video advertisements across many popular social-networking sites, such as Bebo, Hi5, Flixster and Facebook, plans to use the capital to grow its advertising network business and accelerate product development efforts, including innovative ad formats and targeting. It will also explore the most effective ways of leveraging social networks to build brands.
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VideoEgg also pointed to figures from IDC, which identified internet advertising is the most important sector of the digital marketplace and estimated that it would grow to $31.4 billion by 2011.
The firm's advertising partners include Universal Pictures, Discovery Networks, Electronic Arts, Ford, Nike, Unilever and Nestlé.
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