TORONTO (Reuters) - Canadian video marketing company Vidyard said on Tuesday it had received an additional $35 million (C$50 million) in funding from a group led by a U.S. investor keen to get involved in its video technology.
Vidyard, whose software allows companies to measure the effectiveness of video advertising, raised $18 million in early 2015 and was not planning another cash call when the U.S. company, Battery Ventures, approached it in October, said Vidyard CEO and co-founder Michael Litt.
“We were flush with cash, not looking to do a formal raise, but Battery had a thesis developing on the space and wanted to make an investment into a video marketing platform,” Litt said in a phone interview.
Battery was joined in the round by existing Vidyard investors Bessemer Venture Partners, Salesforce Ventures, OMERS Ventures, iNovia Capital and SoftTech VC.
“They paid a price that we thought was reflective of the growth of the business,” he added, declining to disclose the price or the implied valuation of the whole company.
Michael Brown, a general partner at Battery, will join Vidyard’s board.
Litt said Vidyard had tripled its revenue in each of the past two years, while media reports from the time of the last raise had pegged valuation then at around $100 million.
Vidyard employs just over 100 people, and plans to move into a space that can accommodate up to 300 people in June.
Reporting by Alastair Sharp; Editing by Andrew Hay