December 16, 2008 09:00 ET
Overlay.TV Closes Second Round Financing
Secures $4.6 Million for Expansion of Premium Content Offering
OTTAWA, ON--(Marketwire - December 16, 2008) - Overlay.TV, a truly interactive video platform
that customizes online video by layering on additional content, today
announced a second round financing of $4.6 million. The financing will be
used to continue Overlay.TV's already successful trajectory of monetization
for user-generated content, and fund its expansion into premium content and
additional brand partnerships. The financing comes from the company's
existing investors: Celtic House Venture Partners, Tech Capital Partners
and EdgeStone Capital Partners.
"Video adoption continues to grow on the Internet, but unlike most standard
platforms, Overlay.TV has something different to offer: a deeper engagement
with a richer online video experience. This is what makes Overlay.TV such a
promising platform for both our customers and our investors," said Rob
Lane, CEO of Overlay.TV.
"We also understand that during these tough economic times, companies are
looking for ways to optimize spending, and Overlay.TV has proven that we
can deliver better results. This second round of financing validates our
progression, and will allow us to continue to develop products that
encourage consumers to interact with content and brands in new and exciting
Overlay.TV launched its first general release on September 4, 2008, after a
six-month beta program, and since then has announced deals with Nettwerk
Music Group, Hollywood Records, KidzBop and Transcontinental Media.
Projects include the launch of interactive Uh Huh Her and Sarah McLachlan
videos for Nettwerk; Overlay.TV Vocal Booth, which allows fans to sing
along with the Jonas Brothers karaoke style; as well as deeper integration
of the Overlay.TV platform into KidzBop to provide a white-label solution
to power KidzBop video experiences. Overlay.TV has also created interactive
content treatments for online magazines Elle Canada and Style at Home.
Additionally, Overlay.TV began providing access to an API and SDK which
allows further customization of the platform.
To date, thousands of Overlays are already embedded in blogs, web pages,
online shops, and social networking profiles. The simplicity and elegance
of Overlay.TV's technology means that anyone posting video content now has
a tool to add contextual information directly onto that video content,
delivering a more engaging opt-in experience that is very easy to share
with others. Overlay.TV also gives authors, content owners and e-commerce
providers a measurable return on investment without increasing the costs
associated with original video production.
Learn more about Overlay.TV by visiting the site at http://Overlay.TV or
the company blog at http://blog.Overlay.TV.
About Celtic House Venture Partners
Celtic House Venture Partners is a leading venture capital firm dedicated
to helping entrepreneurs build high velocity technology companies from the
ground up. Since 1994, Celtic House has funded over 60 companies and
committed over US$500 million -- more than 70% to concept-stage start-ups.
By working closely with company management, Celtic House has generated
billions in stockholder value and proceeds through 17 successful exits to
date. Today Celtic House is working with more than 20 active portfolio
companies from its offices in Ottawa, Toronto and London, UK.
About EdgeStone Capital Partners
EdgeStone Capital Partners is one of Canada's leading private equity firms
and has managed in excess of $2.5 billion of private capital on behalf of
institutional and high net worth clients. EdgeStone provides capital,
strategic direction and business and financial advice to help promising
early-stage and mid-market companies achieve their full potential.
EdgeStone leverages the resources of its broad business network and ensures
an alignment of interests to achieve superior returns for all stakeholders.
For more information, visit www.edgestone.com.
About Tech Capital Partners Inc.
Based in Waterloo, Ontario, Tech Capital Partners manages $95 million in
venture capital. Tech Capital provides seed financing, hands-on leadership,
market strategy and operational guidance to early-stage technology
companies that have the potential to compete at a global level. Since its
inception in 2001, Tech Capital has invested in some of Canada's most
innovative high-tech companies. For more information, please visit
Overlay.TV provides an interactive video platform that enables brands and
content owners to better engage audiences through video, integrated
interactive widgets, content and advertising tools. These tools facilitate
better investment in online video, including everything from hyperlinks to
video-in-video mashups, as well as end-to-end video platform integration.
Overlay.TV is a venture-backed private company. For more information,
please visit http://Overlay.tv.