Monday, June 2, 2008
Veoh Restricts International Access, Seeks Funding
La Jolla-based Veoh, a user generated video sharing web site, has cut back some international access to the web site as the firm looks to prioritize its audience and better serve its advertisers. A spokesperson for the firm, Gaude Paez, told socalTECH Monday that the firm has decided to exit certain international markets, to concentrate on the 33 markets that it has its most viewers. Paez said that the markets restricted represent less than 10 percent of the site's users, and explained that the move would allow it to better invest the costs of video on higher priority initiatives. Paez also confirmed reports that the firm was looking for funding, saying that the company is always talking to potential investors, technology partners, and potential strategic providers in order to move its business forward. Veoh is venture backed by Goldman Sachs, Shelter Capital Partners, Spark Capital, Michael Eisner's The Tornante Company, and Time Warner. The firm said that it will continue to provide access to the site in the United States, Australia, Austria, Belgium, Bermuda, Canada, China, Denmark, Estonia, Finland, France, Germany, Greece, Guam, Hong Kong, India, Ireland, Israel, Italy, Japan, Korea, Mexico, the Netherlands, New Zealong, Norway, the Philippines, Poland, Portugal, Puerto Rico, The Russian Federation, Singapore, Spain, Sweden, Switzerland, Taiwan, Vietnam, and both the U.S. and British Virgin Islands. Veoh has raised more than $37.5M in three rounds of funding.