Web video company in funding round
Article Date: Jun 16 2009Datmedia, a developer of software allowing users to publish internet video from a computer or mobile phone, has secured funding of £500,000.
The Cardiff-based company will use the financing to expand into new markets, as well as developing its managerial, technology and sales teams.
Finance Wales, the investment arm of the Welsh Assembly, provided £400,000, with the balance coming from business angel network Xenos. As part of the deal David Hulston, an investor with Xenos, is to join Datmedia’s board.
Says Hulston, ‘Online streaming media is an exciting growing market. We have already seen huge growth in the consumer sector with increasing use of BBC iPlayer and You Tube. Datmedia are capitalising on this in the enterprise sector.’
Datmedia’s managing director Stephen Clee says companies are using video streaming for marketing, communicating with staff online and making presentations to customers.
Legal advisers on the deal were Capital Law for Datmedia and Geldards for Finance Wales.
