Press
TurnHere Secures $7.5M in Venture Capital Funding from Venrock and Hearst Interactive Media
2/7/08 / Press Release / TurnHere
Capital to Drive Aggressive Growth Strategy, Enabling the Creation of New Products and Services for Customers and Tools for TurnHere Producers and Filmmakers
Emeryville, Calif. – February 7, 2008 – TurnHere, Inc., the leading online video solutions platform, today announced that it has secured $7.5M in funding from Venrock and Hearst Interactive Media, a division of the Hearst Corporation. The funding will enable the development of new, innovative online video products and services for TurnHere customers, as well as enhanced tools for the growth and expansion of the TurnHere filmmaker network and in-house production team.
“TurnHere is an Internet video pioneer, developing a unique style and approach. The company has transformed online video advertising, producing high-quality online video that is affordable for companies of all sizes – from local merchants to national brands,” said Rich Moran, partner, Venrock. “Given its achievements working with companies across several vertical markets, we believe TurnHere is well-positioned for future growth.”
Since the company’s launch in 2006, TurnHere has provided high-quality video production and distribution services to thousands of companies across industries including media, publishing, local, travel, real estate, education, financial services and retail. TurnHere customers include CondéNet, Discovery Networks, Williams-Sonoma, Intercontinental Hotels & Resorts and Simon & Schuster.
"This financing validates TurnHere’s success in pioneering a new form of video creation that is authentic, relevant and provides demonstrable benefits to our clients,” said Bradley Inman, founder and CEO, TurnHere. “Both Venrock and Hearst Interactive Media share our vision to further broaden our offerings and enhance our leadership position in the market.”
“TurnHere has developed a solid business model unmatched in the industry, based on the tremendous value of its global filmmaker network and its superior platform of video production and distribution,” said Kenneth Bronfin, president, Hearst Interactive Media. “As adoption of online video continues to increase and companies move more of their advertising budget to the Internet, TurnHere is in a prime position to capture this demand and grow its business.”
Cascadia Capital advised TurnHere on the equity financing.
About Venrock
Venrock is a premier venture capital firm with offices in Menlo Park, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $1.9 billion in 405 companies resulting in over 120 IPOs over the past 39 years, Venrock’s investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adnexus Therapeutics, Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock’s website at www.venrock.com.
About Hearst Corporation and Hearst Interactive Media
Hearst Corporation (www.hearst.com) is one of the nation’s largest diversified media companies. Its major interests include 12 daily and 31 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, and Albany Times Union; nearly 200 magazines around the world, including Cosmopolitan and O, The Oprah Magazine; 29 television stations through Hearst-Argyle Television (NYSE:HTV) which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, The History Channel and ESPN; as well as business publishing, including a joint venture interest in Fitch Ratings; Internet businesses, television production, newspaper features distribution and real estate.
Hearst Interactive Media (www.hearst.com/interactive_media/), a unit of Hearst Corporation, manages a portfolio of strategic investments in development-stage companies focused primarily on emerging media and interactive technologies. Investments have included iVillage, Netscape, XM Satellite Radio, Broadcast.com, Exodus, Sling Media and Brightcove. Since 1995, Hearst Interactive Media has invested in over 45 companies. Throughout the Corporation, Hearst Interactive Media provides strategic guidance and advocacy for a wide range of technology-driven operational and development activities.
About TurnHere, Inc.
TurnHere, Inc. is the leading platform for online video production and provides studio-quality Internet video advertising and Web distribution for companies in a wide range of industries including media, publishing, travel, local and real estate. The company leverages its growing network of more than 3,200 professional filmmakers across more than 50 countries to create affordable Internet videos that deliver emotionally engaging and authentic content to the right audiences. With deep backgrounds in media and video production, TurnHere works with customers on creative treatments to help produce effective venues for building online traffic. Founded in 2005, the company is privately held and based in Emeryville, California.
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For More Information
Kasey Fleisher or Zoe Vandeveer
LaunchSquad
Phone: 415-625-8555
Email: turnhere (at) launchsquad.com
Emeryville, Calif. – February 7, 2008 – TurnHere, Inc., the leading online video solutions platform, today announced that it has secured $7.5M in funding from Venrock and Hearst Interactive Media, a division of the Hearst Corporation. The funding will enable the development of new, innovative online video products and services for TurnHere customers, as well as enhanced tools for the growth and expansion of the TurnHere filmmaker network and in-house production team.
“TurnHere is an Internet video pioneer, developing a unique style and approach. The company has transformed online video advertising, producing high-quality online video that is affordable for companies of all sizes – from local merchants to national brands,” said Rich Moran, partner, Venrock. “Given its achievements working with companies across several vertical markets, we believe TurnHere is well-positioned for future growth.”
Since the company’s launch in 2006, TurnHere has provided high-quality video production and distribution services to thousands of companies across industries including media, publishing, local, travel, real estate, education, financial services and retail. TurnHere customers include CondéNet, Discovery Networks, Williams-Sonoma, Intercontinental Hotels & Resorts and Simon & Schuster.
"This financing validates TurnHere’s success in pioneering a new form of video creation that is authentic, relevant and provides demonstrable benefits to our clients,” said Bradley Inman, founder and CEO, TurnHere. “Both Venrock and Hearst Interactive Media share our vision to further broaden our offerings and enhance our leadership position in the market.”
“TurnHere has developed a solid business model unmatched in the industry, based on the tremendous value of its global filmmaker network and its superior platform of video production and distribution,” said Kenneth Bronfin, president, Hearst Interactive Media. “As adoption of online video continues to increase and companies move more of their advertising budget to the Internet, TurnHere is in a prime position to capture this demand and grow its business.”
Cascadia Capital advised TurnHere on the equity financing.
About Venrock
Venrock is a premier venture capital firm with offices in Menlo Park, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $1.9 billion in 405 companies resulting in over 120 IPOs over the past 39 years, Venrock’s investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adnexus Therapeutics, Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock’s website at www.venrock.com.
About Hearst Corporation and Hearst Interactive Media
Hearst Corporation (www.hearst.com) is one of the nation’s largest diversified media companies. Its major interests include 12 daily and 31 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, and Albany Times Union; nearly 200 magazines around the world, including Cosmopolitan and O, The Oprah Magazine; 29 television stations through Hearst-Argyle Television (NYSE:HTV) which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, The History Channel and ESPN; as well as business publishing, including a joint venture interest in Fitch Ratings; Internet businesses, television production, newspaper features distribution and real estate.
Hearst Interactive Media (www.hearst.com/interactive_media/), a unit of Hearst Corporation, manages a portfolio of strategic investments in development-stage companies focused primarily on emerging media and interactive technologies. Investments have included iVillage, Netscape, XM Satellite Radio, Broadcast.com, Exodus, Sling Media and Brightcove. Since 1995, Hearst Interactive Media has invested in over 45 companies. Throughout the Corporation, Hearst Interactive Media provides strategic guidance and advocacy for a wide range of technology-driven operational and development activities.
About TurnHere, Inc.
TurnHere, Inc. is the leading platform for online video production and provides studio-quality Internet video advertising and Web distribution for companies in a wide range of industries including media, publishing, travel, local and real estate. The company leverages its growing network of more than 3,200 professional filmmakers across more than 50 countries to create affordable Internet videos that deliver emotionally engaging and authentic content to the right audiences. With deep backgrounds in media and video production, TurnHere works with customers on creative treatments to help produce effective venues for building online traffic. Founded in 2005, the company is privately held and based in Emeryville, California.
###
For More Information
Kasey Fleisher or Zoe Vandeveer
LaunchSquad
Phone: 415-625-8555
Email: turnhere (at) launchsquad.com
For Media Inquiries Please Contact: Morgan Brown (510) 658-9292 x199