Veoh, an online video site, sure can attract VIP investors.
The company announced that it has received another round of funding, this time for $30 million, from such new backers as Intel and Adobe Systems. Previous investors include Goldman Sachs and former Disney CEO Michael Eisner.
Veoh, once widely referred to as a video-sharing company, has taken to calling itself an Internet TV service. The term video sharing is considered an unattractive label for a company--unless you're YouTube, that is. It implies that you're trying to take on the powerhouse, and almost everyone has given up on doing that.
Veoh is still under pressure from YouTube and Hulu, the video start-up created by NBC Universal and News Corp. that launched earlier in the year and has received glowing reviews. For all its star power and money, Veoh can't seem to break out of the pack of also-ran video sites.
The company's valuation is in the $120 million range, and the total money raised is $70 million, according to Silicon Alley Insider.
The company reports that it has accumulated 28 million viewers who spend on average more than 100 minutes each month on the site. These are respectable numbers, although they pale compared with YouTube. The Google-owned site boasts more than 300 million users worldwide.