• Bits Blog, Wednesday, May 19, 2010 2:24 PM

Video web site Blip.tv has raised another $10.1 million in funding -- its third round of venture investment since it debuted in 2005, according to The New York Times' Bits blog. The company said it plans to use the latest round of funding to "accelerate the growth of the independent Web shows that Blip.tv hosts and distributes." Blip also plans to expand its sales force for international advertising, and build new products for its producers and community of video producers.

This latest round was led by Canaan Partners, along with Bain Capital Ventures -- apparently Blip's earlier backers, who invested $5.2 million in the company in late 2008. Co-founder and chief exec Mike Hudack said the company planned to continue working closely with producers, helping them create content for the site. The additional capital, according to Hudack, will help Blip realize its mission of creating audience-specific content, while sharing the revenue with producers.

Read the whole story at Bits Blog »