US startup Vuclip has concluded a $13m Series D round led by SingTel Innov8, the corporate venturing arm for Singapore Telecommunications, with additional participation from venture capital firms Jafco Ventures and New Enterprise Associates.
The Californian based firm, launched in 2008, serves up online videos to 3g enabled smartphones via an ad-supported software ecosystem which dynamically compresses data from participating content providers. The service aims to deliver content with minimal overhead for all internet enabled smart phones. Chief Officer Nickhil Jakatdar says Vuclip is targeting “emerging markets”, particulalry the India subcontinent, where 3g network speeds are too slow to support mobile video streaming directly from the internet.
VuClip’s series B and C rounds concluded in 2009 and 2011, raising $6m and $8m respectively. Both rounds involved Jafco Ventures and New Enterprise Associates.
In a statement to the press Jeff Karras, Managing Director of SingTel Innov8 said: “Vuclip has built an impressive user base, monetization strategy, and management team and is truly emerging as a leading mobile media company.”
The funds raised in this round will be used expand VuClip’s presence in the Middle East and Asia.
According to Jakatdar, Vuclip currently has 45 million monthly users, serves up 1.2 billion minutes of videos per day and is on course to generate $10m in revenue in the next 12 months.