Blip Secures Over $12 Million in Financing; Demonstrates Company's Financial Strength and Leadership in Original Web Series Industry

NEW YORK, Feb. 8, 2012 /PRNewswire/ -- Blip, one of the Internet's largest independently owned and operated video networks, claiming more than 13 million unique US viewers and approximately 30 million global viewers monthly, today secured over $12 million in venture capital from existing investors including Bain Capital Ventures and Canaan Partners, and debt from Silicon Valley Bank. With this new funding, the company will develop new tools and services for producers of independent web series, further invest in its industry-leading advertising and distribution platforms and significantly expand its syndication relationships.

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"For over six years, Blip has been a leader and innovator that has partnered with top independent web series producers to showcase their talent, build audience and provide the scale needed to be financially successful on the web," said Warren Lee, General Partner at Canaan Partners and Blip board member. "Mainstream entertainment is increasingly moving towards the discovery of original web series, and Blip is an industry leader focused on this emerging form and the producers who are steering the medium."

In addition, Blip today officially debuts a new logo that jettisons ".tv". This was done to distinguish the network's content from that of traditional TV. The logo was designed by Chermayeff & Geismar, the world-class design firm that created the signature logos for iconographic brands including NBC, PBS, Showtime and Time Warner.

"Blip continues to aggressively grow its revenues, with 2011 revenues 100% higher than a year ago, which is very positive momentum for both our producers and for the Company," said Steve Brookstein, Chief Operating Officer for Blip. "In 2012, we will further commit to our producer base by offering exclusive arrangements that will continue to drive our common goals."

At the recent 2012 Consumer Electronics Show (CES), the International Academy of Web Television (IAWTV) awarded Blip the "Best Distribution Platform" award, a category that also included Hulu, Dailymotion, Crackle and Joost as nominees.

About Blip Networks

Blip is the place to discover the best in original web series from both professional and up-and-coming producers. It gives viewers free access to a wide variety of dramas and comedies, series about sports, videogames, food, fashion and more, and makes it easy to find what you want when you want it. The company currently syndicates series to iTunes, YouTube, Facebook, Twitter, Roku, Verizon FiOS, TiVo, Sony TVs and elsewhere. Blip series attract more than 330 million video views per month and the company shares advertising revenue with producers. Please visit http://blip.com for more information. Follow Blip on Twitter: twitter.com/blip or on Facebook at http://facebook.com/blip.

SOURCE Blip Networks, Inc.