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Video start-up in Series B round

Article Date:  Jun 23 2008

Online video conversation platform Seesmic has received US$6 million (£3.1 million) in a series B funding round. The financing adds eBay founder Pierre Omidyar and European venture capitalist Wellington Partners to Seesmic’s backers.

Seesmic, which has raised $12 million in total, allows users to upload videos from their webcam or mobile device directly to blogs or social networks. Says Wellington general partner Eric Archambeau: ‘Seesmic is ushering in an entire new way of communicating on the web. Over time millions of people will include video for their online conversations.’

Loic Le Meur, Seesmic’s founder and CEO, will be joined on the company’s board by Archambeau and Omidyar. The latter, who invested through his ‘philanthropic investment firm’ Omidyar Network, will act as an observer.

Seesmic’s Series A round took place in February and included well-known internet names such as Skype co-founders Niklas Zennström and Janus Friis, former AOL CEO Steve Case and LinkedIn founder Reid Hoffman.

Wellington Partners has €800 million (£630 million) under management and invests in IT, media, cleantech and life sciences ventures across Europe.

Omidyar Network supports ventures that enable people to ‘improve their lives and make powerful, lasting contributions to their communties’.

Click here to read more about the next generation of online enterprises.

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