vSocial Completes Series B Funding Round With Investments from Biltmore Ventures, Consor Capital
Biltmore Ventures Managing Partner and Noted Financial Services/Entertainment Entrepreneur Howard Lindzon Joins vSocial Board of Directors
TEMPE, Ariz.--(BUSINESS WIRE)--vSocial, a leading provider of hosted social networking for video services, announced today that it has closed its second round of corporate funding, led by investments from Phoenix-based Biltmore Ventures and previous vSocial investor Consor Capital. vSocial’s new financial support will be used to expand development and grow its sales and marketing capabilities, enabling it to more aggressively attack the burgeoning online video field.
“We at Biltmore Ventures believe that online video is an open field. There are no rules right now. I look forward to helping Mark and his team set the strategies and establish the business relationships that will help it take advantage of this early-stage phenomenon.”
vSocial also welcomes Howard Lindzon, Managing Director of Biltmore Ventures, to its board of directors. Lindzon, in addition to his duties with Biltmore, is a respected new media entrepreneur and investment industry commentator. Among his many business activities, Lindzon is the creator of Wallstrip, an online video site that offers insightful and entertaining looks at current financial/investment topics. Wallstrip was recently purchased by CBS.
“vSocial continues to build momentum for its social media platform, securing customer wins with blue chip companies like UPS, Disney and Fosters, interactive advertising agencies and small-to-medium sized businesses,” said Mark Sigal, CEO of vSocial. “Locking down this second-round investment is further validation of our efforts to become a major player in the online video industry. We’re also thrilled to be gaining the expertise of Howard Lindzon, someone who knows our services well and can help guide their next phase of growth.”
“vSocial is very well positioned to capitalize on the surge in interest in online video. It has a very lean capital structure and can move quickly to follow the market,” said Lindzon. “We at Biltmore Ventures believe that online video is an open field. There are no rules right now. I look forward to helping Mark and his team set the strategies and establish the business relationships that will help it take advantage of this early-stage phenomenon.
Josh Huffard, Manager of Consor Capital, adds, “Consor invested in vSocial to back a talented management team. We have backed the CEO in a previous successful project and we were immediately impressed by the passion and entrepreneurial track record of his co-founders. The company is pursuing a simple and smart strategy in a large market—video services—by providing hosted services for businesses and consumers who want to add video and social networking capabilities to their Web sites without having to build their own infrastructure or surrender control of their brands. We expect that vSocial will effectively compete for business based upon a combination of value-based pricing; market leading products; strategic partnerships; and attention to the needs of their customers.”
In addition to monies from Biltmore Ventures and Consor Capital, vSocial’s second round includes funding from a number of angel investors.
Founded by a team of experienced entrepreneurs that have collectively built 11 different companies, vSocial is a pioneer in the online video space, having launched the initial version of its service way back in 2002. vSocial delivers a hosted social networking for video platform that enables content owners, portal operators and online marketing organizations to custom brand, target, virally distribute and monetize their message via video. Customers can see-touch-feel the solution by visiting the company’s popular showcase site, vSocial.com, which generates 200,000 unique daily visitors and serves up over 1.5M videos a day. vSocial is headquartered in Arizona. For more information about vSocial and its new flat rate pricing option, visit www.vsocial.com.