India-based on-line video advertising firm Jivox is preparing to bring in a strategic investor early next year to help potentially double the amount of venture funding it has gained in the past three years.
Jivox, founded by serial entrepreneur Diaz Nesamoney, last month raised $4m from repeat venture capital firms Opus Capital and Helion Venture Partners, having previously raised $11m from the two groups in 2008.
In an interview with local news provider Economic Times of India, Naren Nachiappan, Jivox India’s managing director, said: "We plan to raise $15m early-2011 to fuel our expansion. We could raise the resources from either pure-play venture capital firms or strategic partners who can add value to our business."
Founded in 2007, the company has 70% of the $30m Indian on-line video market but Nachiappan said it would use the proceeds to expand its footprint into Europe and south-east Asia by mid-2011, according to the Economic Times interview.
Nesamoney previously founded and ran Celequest, which was sold to Cognos in 2007, and Informatica, which listed on the Nasdaq stock exchange in 1999.