Irish-based online video marketplace VideoElephant has secured $1 million of funding to help expand its operations into the United States.
Founded in Dublin in 2011, VideoElephant aggregates and sells online video content for websites. It launched its website in 2013 with content from AFP, National Geographic, ABC, VideoJug and Press Association. Over the last year, it has forged additional content partnerships with companies such as ITN, Maker Studios and Newsy.
It currently stocks over 100,000 short-form videos and 15,000 hours of short-form and long-form content, across 15 verticals, from news and sports to travel and cooking. Every day, it adds approximately 300 more new videos to its online catalog. The company’s license model allows web publishers to pay a one-time fee per domain that grants them the right use the video in perpetuity, all over the world, monetize it however they wish, and keep 100% of the revenues. It also offers a revenue share model.
The company will use the latest round of funding to bolster its Dublin operations and open offices in New York and Los Angeles.
“Establishing our presence there will generate new content partnerships and extend our capability to provide end-to-end content solutions,” said Stephen O’Shaughnessy, founder and CEO of VideoElephant, in a statement.
The $1 million cash infusion matches an earlier round of funding in December 2012 from ACT Venture Capital and Enterprise Ireland. The latest investment includes a new stakeholder, the AIB seed capital fund Dublin Business Innovation Centre (DBIC).