Overlay.TV closes 2nd round financing with $4.6 Million

Posted by Rob Lewis

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.

2008 has be a busy year for Overlay.TV - they were named to IDC's 10 Canadian Web 2.0 Companies to Watch list in July and picked up a top Red Herring Award in September.

Our interest is primarily in engineers, scientists, or researchers who have developed technologies that solve difficult industry problems – problems that are substantial enough to compel customers to adopt the new technologies. We are also interested in disruptive technologies that have the potential to create entirely new markets. We want to work with company founders who have set their sights high and we seek... more

Company:
EdgeStone Capital Partners
Website:
http://www.edgestone.com
Location:
Toronto, Ontario, Canada

EdgeStone Capital Partners is one of Canada's leading private equity firms with in excess of $2.5 billion of funds committed to date from institutional and high-net-worth clients. EdgeStone provides capital, strategic direction and business and financial advice to help promising mid-market and early-stage companies achieve their full potential. EdgeStone leverages the resources of its broad business network and... more

Company:
Overlay.TV
Website:
http://overlay.tv
Location:
Ottawa, Ontario, Canada

Overlay.TV is an interactive media company that provides an online video platform. This platform enables users, content owners, and e-commerce sites to monetize and customize their video assets by overlaying contextual information directly onto video and linking to external websites. Overlay.TV was founded in 2007 by Tyler Cope, Rob Lane and Nadav Zin, and received its first round of VC funding in the same year.... more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media Inc. and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can... more



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