Vitrue, a startup focused on helping match consumers who make promotional videos with commercial clients, has landed $10 million in Series B funding.
Dave Ventures, a new investor, led the round. Also participating were Comcast Interactive Capital, Turner Broadcasting and General Catalyst Partners.
As part of the deal, David Andonian of Dace Ventures was added to Vitrue’s board. A former executive with IBM, PictureTel and CMGI he is the founder of Dace Ventures.
Vitrue has developed a proprietary means of working with users to create advertising based on videos developed by consumers and using Vitrue as a third-party site. The company also works with customers to avoid copyright issues.
Vitrue clients include Procter and Gamble, TBS, VH1 and Cincinnati Bell. The company has offices in San Francisco and New York as well as Atlanta. It secured more than $2.2 million in Series A funding last year.
“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,” Andonian said in a statement.
Vitrue is attempting to capitalize on the social media success of such sites as YouTube and Facebook.
“By embracing video as an important component of social media, Vitrue’s customers are changing the way they interact with their audiences,” said Reggie Bradford, chief executive officer at Vitrue. “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.”
