Investment Plan for Europe: EIB provides funding of up to €20 million to Bitmovin
Fresh funds will support R&D and help to scale up distribution network
Austria(13 Nov 2019)
The European Investment Bank (EIB) is providing financing of up to €20 million to Bitmovin, an innovative developer of video streaming technology. The company powers world-leading video streaming services offered directly to viewers over the internet, otherwise known as “over-the-top” (OTT) media services. Its clients include the BBC, fuboTV, Hulu Japan, RTL and iFlix.
The project will allow Bitmovin to strengthen its research and development (R&D) and product development team in Austria and support investments in sales and marketing to scale up its distribution network. The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe – the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations are boosting the competitiveness of the European economy.
EIB Vice-President Andrew McDowell, who is responsible for operations in Austria at the Bank, said: “Bitmovin has developed an intelligent approach to delivering an optimised video experience and solving bandwidth issues, utilising a software-driven solution uncoupled from hardware. Young and innovative companies are key ingredients for ensuring sustainable growth and creating high-value jobs. They play an important part in driving long-term competitiveness. For the EIB, the EU bank, this is a top priority. Supporting investment that is geared towards innovation, skills and greater competitiveness is part of our mission to foster sustainable growth and jobs in Europe. I therefore very much welcome our new cooperation with Bitmovin.”
European Commissioner Carlos Moedas, responsible for Research, Science and Innovation, said: “By providing financing to this growing tech company, the EIB and the Juncker Plan are supporting European innovation. Investing in research and development is crucial to any business and I am proud that the EU is helping our European tech entrepreneurs scale up and develop their products and services.”
Bitmovin CEO Stefan Lederer said: “We feel very honoured to receive this EIB funding. Since founding Bitmovin it was our vision to shape the future of video and provide the best streaming experiences for our customers and viewers. Our founding team started by contributing research and development to modern video standards, and now we’re excited to accelerate that effort with this investment.”
Bitmovin is a leading provider of video infrastructure for online media companies around the world. The company has been at the forefront of all major developments in online video – from building the world’s first commercial adaptive streaming player to deploying the first software-defined encoding service that runs on any cloud provider or in a data centre. Bitmovin works with media companies across the globe to build innovative video products that deliver video to billions of consumers every day.
About the European Investment Bank
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
About the Investment Plan for Europe
The Investment Plan for Europe, the Juncker Plan, is one of the EU’s top priorities to boost investment and to create jobs and growth by making smarter use of existing and new financial resources. The EIB Group is playing a vital role in this investment drive. Through guarantees from the European Fund for Strategic Investments (EFSI), the EIB and the EIF are able to take on a higher share of project risk, encouraging private finance providers to participate in the projects. In addition, EFSI is accompanied by a new advisory service, the European Investment Advisory Hub, which enables public and private project operators to structure their investment projects more professionally. The projects and agreements approved for financing under the EFSI so far are expected to mobilise almost €439.4 billion in investments and support around more than one million start-ups and SMEs across all 28 Member States.