Brightcove Raises $59.5 million

Brightcove, an online video platform and destination start-up has raised a whopping $59.5 million in new funding from strategic and large institutional investors. The new investors include Maverick Capital, Brookside Capital, AllianceBernstein, The New York Times Company and Transcosmos. Existing investors such as Allen & Company, AOL, and Accel Partners participated in this round of financing.
The funding closed yesterday, company CEO Jeremy Allaire wrote to us in an email this morning. We had reported in November that the company was looking to raise over $55 million. The company had previously raised over $21 million in two rounds of financing. On his blog this morning, Allaire notes:

2007 is clearly going to be a major year for online video, and also a year of consolidation as many of the hundreds of online video startups seek a place in the new ecosystem. We also expect 2007 to be a year where established media companies make more bets.

BrightCove is in a crowded and competitive online video market. If on one hand it is taking on the mighty Google-YouTube combo, then on the other hand it is fighting with tiny tots who keep popping up every so often. The emergence of P2P TV-Video start-ups like Joost is another worry for BrightCove, since they are going after the big media companies as well. With another $59.5 million or so in the coffers, Allaire has ensured that at least he can fight for a long time.