raises $12M, changes name to… Blip?

Web video pioneer has raised a new $6 million round of funding from existing investors including Bain Capital Ventures and Canaan Partners, as well as $6M of debt from Silicon Valley Bank, according to an announcement sent out Wednesday morning and an SEC filing. The company also overhauled its image and changed the name of its site to…. wait for it… Blip.
Why drop the .tv from its name? “This was done to distinguish the network’s content from that of traditional TV,” the press release informs us. Because the worst thing that could happen to a web video site is of course that people assume you’re serving up TV content, right?
The move is a little baffling, especially because Blip has gone to great lengths to reinvent itself as a kind of “Hulu for web series” over the last couple of months, deemphasizing the video sharing part of its business and instead concentrating on becoming a distribution platform for web series makers. That being said, the transformation seems to work well for the site, which also said Wednesday that it doubled its revenue in 2011.