User Generated Video Sites Veoh and Kyte.tv Both Receive Funding
In more funding news this week, Veoh and Kyte.tv both announced investment deals.
Veoh raised $26 million in a series C funding led by Goldman Sachs and existing shareholders Spark Capital and Shelter Capital Partners. For Veoh, this gives them a combined total of just over $41 million raised to date, by far the largest of any of the user generated video sharing sites. That’s a lot of money for a site that shares videos and I know I speak for many in the industry when I say that I can’t wait to see how they will monetize this type of content and show investors a return on their money.
Kyte.tv, a new company on my radar which launched its website in May, said on Tuesday it had received funding from the investment arm of Nokia. Kyte.tv which aims to take the video sharing model on the Internet over to the handset, did not disclose the size of the investment. Kyte also lists as investors Swisscom and Niklas Zannstrom, who started Web phone service Skype.