Closes Institutional Capital Round

Independent Web-TV network is in the money, announcing that its third round of institutional capital wrapped up, and that it will use the funds to accelerate growth of the independent Web shows it hosts and distributes; to grow its content-services team and international ad-sales force; and to develop new products.

The round was led by Canaan Partners and existing investor Bain Capital Ventures, and the amount was not disclosed.

Co-founder and CEO Mike Hudack said: turns five this year, and I couldn’t be happier with our success to date and our growth plans for the future. We started in 2005 with a simple mission: to change the entertainment industry by making independent-show production sustainable and scalable. We’re moving on to the next phase of executing against that mission and, with help from both Canaan Partners and Bain Capital Ventures, I’m confident that we’ll be successful. We’re making more shows sustainable every single day, and now we’re going to accelerate that change even faster. This is an extremely exciting time.

Canaan Partners venture partner Warren Lee added:

We’ve been following’s growth for years, and we’re excited to invest in the company as it continues to change the entertainment industry. has executed on its vision, and the company is creating a new Web-television industry that is drawing top talent from traditional television networks, the film industry, and garages across America. We look forward to working with Mike and his team to continue transforming entertainment together. David Cohen is editor of Adweek's Social Pro Daily.