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Baroda Ventures Invests $5 million into OVGuide.com
OVGuide.com reports January 2009 as first profitable month
OVGuide.com, the Internet’s most comprehensive portal for online video discovery and search, has received $5 million in venture capital funding from Baroda Ventures LLC, one of Los Angeles’ leading VC firms with $100m in capital. In addition, OVGuide.com in January 2009 saw its first operational month as a profit-making entity.
The funding will be invested in engineering resources to further develop the Web’s most powerful search engine for both short- and long-form online video. OVGuide.com has processed hundreds of millions of searches, directing millions of users to thousands of online video sites such as South Park Studios, theWB.com, Fancast, ESPN, Funny or Die and Hulu.
OVGuide’s proprietary search technology helps those who watch online content cut through the clutter of the thousands of online video sites that exist. It finds the best quality and most relevant video destination source for any search term. OVGuide.com categorizes the best video content and its editors make independent recommendations to users, making the online video search process fast, efficient and, above all, human.
Executive quote
“This is a strategically significant investment from Baroda Ventures, considering the economic climate and that many companies in the online video space are struggling to find a solid revenue model,” said Dale Bock, president and founder at OVGuide.com. “OVGuide has dedicated much time and effort into developing the most powerful search engine for online video. We have a very lean and highly talented team developing a great product, large user base and growing revenue stream. We will use the funds carefully to continue development of our product and maintain our leadership position in online video search and discovery.”
Customer quote
“OVGuide.com is a very strong example of a Web 2.0 company that offers significant and immediate benefits to the Internet consumer,” said David Bohnett, chairman of Baroda Ventures and CEO of OVGuide.com. “The company has built a very large user base, has a solid revenue model and directs a large volume of traffic to many leading online video sites. There will be consolidation in the online video space and OVGuide.com is well placed to be one of the successful players in this industry.”
About the company
About Baroda Ventures
Baroda Ventures is a Los Angeles-based private equity firm founded in 1998 by philanthropist and technology entrepreneur David C. Bohnett. Investments include LowerMyBills.com, NetZero, OVGuide.com, Stamps.com, Wireimage.com and Xdrive.com, among others. Baroda is the 16th largest fund in Los Angeles, according to the Los Angeles Business Journal. In 1994 David Bohnett co-founded GeoCities, an Internet-based media and e-commerce company, publicly traded on NASDAQ and subsequently acquired by Yahoo! Inc. David Bohnett is currently the CEO of OVGuide.com.
About OVGuide.com
OVGuide.com is the best way to easily find TV shows, movies, video clips and other content on the Internet. As the ultimate guide to online video, OVGuide.com’s powerful search engine and team of editors cut through the clutter of over 3,500 online video sites to discover, categorize and make recommendations on the best content that is available on the Web.
As of January 2009, OVGuide.com receives more than 12 million unique visitors, 150 million page views and 36 million searches each month. To upgrade your online video entertainment experience, please visit www.ovguide.com.
Contact details
Media contacts:
Andy Oliver / Amy White
LEWIS PR for OVGuide.com
Twitter: andyoliver / amy725
ovguide@lewispr.com
310-407-5186
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