JW Player, a digital and mobile video platform and player company has announced it raising $20 million in Series D funding led by existing investors Greycroft Growth, Greenspring Associates, Cueball Capital and e.ventures.
Founded in 2008, JW Player is a startup based in New York that led video on the web and is now innovating for the future. Started as the world’s first open source video player, now the startup has customers around the world in 193 countries and range from Fortune 500 companies to individual bloggers. In 2015, the company claims to have grown its (SaaS) revenue by over 100% year-over-year revenue.
“For JW Player, 2015 was a banner year as we successfully doubled our SaaS revenue, released several innovative products to market and expanded the depth and quality of our team,” said Dave Otten, Chief Executive Officer and co-founder of JW Player. “As a result of these efforts, well over one billion people now consume video on a JW Player each month, which is a huge milestone. With this new round of financing, we are poised to build on this momentum for years to come and continue our drive towards creating our Independent Video Ecosystem.”
With the fresh funds, JW Player plans to boost its expansion of the industry’s first independent Video Ecosystem, developing data-driven solutions for publishers that offer enhanced quality of experience, speed, viewer engagement, advertising inventory, opportunities for monetization and control over brand experience, and video workflow. Also, the company will focus on aggressively expanding its SaaS revenue and international footprint.
“With millions of customers, JW Player is among the most recognized names in digital video,” said Ian Sigalow, Partner and co-founder at Greycroft. “The company has consistently demonstrated an ability to stay a step ahead of the market, a difficult feat in such a rapidly-changing marketplace. We see an enormous opportunity ahead of us in both our core SaaS business as well as in future media offerings, and are very excited to deepen our partnership with the company through this investment.”
“Across the video landscape, the focus is shifting from ‘closed garden’ video platforms to an independent ecosystem that provides publishers with greater control over their owned and operated properties,” said Chris Mahl, President of JW Player. “Independent publishers demand the ability to grow audiences, deepen viewer engagement, own the viewer experience, and ultimately, to have more control over their video revenue. It is JW Player’s mission to partner with publishers to facilitate this. We stand directly behind independent publishers’ brands, unlike closed video marketplaces, where publishers’ content sits behind the ecosystem’s brand.”