Ottawa's Overlay.TV announced today that they have closed a second round financing of $4.6 million from existing investors Celtic House Venture Partners, Tech Capital Partners and EdgeStone Capital Partners. The financing will be used to continue monetization of user-generated content and fund its expansion into premium content and additional brand partnerships.
"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 to 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 ways."
Overlay.TV launched its first general release on September 4th after a six-month beta program and since then has announced deals with Nettwerk Music Group, Hollywood Records, KidzBop and Transcontinental Media. Earlier this month Techvibes reported on Overlay.TV's Vocal Booth which allows fans to sing along with the Jonas Brothers karaoke style.