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TidalTV Closes Series A Funding Led By New Enterprise Associates and Valhalla Partners
Funding to Accelerate Growth of New Broadband Television Platform
TidalTV, Inc. announced the closing of $15 million in Series A funding led by New Enterprise Associates and Valhalla Partners. This funding will enable the company to accelerate the development of the TidalTV platform and expand and enhance its available programming. TidalTV offers consumers free and instant access to professionally produced online video programming via its streaming, browser-based platform.
?TidalTV is a pioneer in digital entertainment, creating a new video experience online,? said Art Marks, General Partner, Valhalla Partners. ?This company is the ultimate combination of a traditionally strong media investment and a growing new media venture.?
?Consumers are increasingly looking to the Internet as a source for high-quality video content, and TidalTV?s unique user experience and innovative monetization platform position the company to play a leading role in this arena,? added Patrick Kerins, General Partner, New Enterprise Associates. ?I look forward to working with TidalTV?s highly talented management team as it advances efforts to deliver a premium online viewing experience.?
TidalTV?s seed financing was provided by Scott Ferber, co-founder of AOL?s Advertising.com and current chairman of TidalTV. TidalTV?s executive staff also includes Chief Executive Officer Mollie Spilman, former chief sales and marketing officer of Advertising.com; Chief Revenue Officer Brad Elders, former senior vice president of North American sales for Internet television provider Joost, and Chief Content Officer Bob Quicksilver, former president of network distribution at FOX Broadcast Company.
?Having both the expertise and financial backing of investors such as New Enterprise Associates and Valhalla Partners will help TidalTV achieve our goal of defining and delivering the ultimate online television experience,? said Spilman. ?We are thrilled to have the support of such a proven and knowledgeable team.?
TidalTV (www.tidaltv.com) is a broadband television platform featuring the best in professionally produced, branded programming. The TidalTV experience is designed to complement and enhance traditional television viewing through its unique combination of programmed and on-demand video with DVR-style controls. There is no application to download, no waiting for videos to load and no fees to pay ? TidalTV provides its audience with a high-quality viewing experience that, like TV, is always on.
About New Enterprise Associates
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping
entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and practicing its profession with the highest standards and respect. NEA focuses on investments at all stages of a company?s development, from seed stage through IPO. With approximately $8.5 billion in committed capital, NEA?s experienced management team has invested in over 550 companies, of which more than 160 have gone public and more than 230 have been acquired. NEA has U.S. offices in Chevy Chase, Maryland; Menlo Park, California; and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai, China.
About Valhalla Partners
Valhalla Partners is a trusted partner and advisor to technology entrepreneurs in their quest to build world-class companies. Based in the mid-Atlantic, the firm's management team has made more than 100 investments over the past twenty years and produced almost $1 billion of investment proceeds. Valhalla prefers investments where the mission of the company is to innovate, challenge and fundamentally change the dynamics of new and existing markets.
Investments by Valhalla's team include Advertising.com, BDMetrics, CareerBuilder.com, Clarify, EnterpriseDB, Epicor, Exchange Solutions, JumpTap, LeftHand Networks, Mobius, NextLink, Nirvanix, Progress Software, Proxicom, RealOps, Register.com, Riverbed Technologies, SafeNet, SEPATON, ServiceBench, Trilogy, and webMethods. Valhalla Partners brings the full power and network of its experienced team to every investment it makes, helping companies grow faster and smarter regardless of size or maturity.