Machinima Closes $35 Million Financing Round Lead by Google
Earlier this month we reported that Machinima, a popular video game news and pop culture YouTube channel, would raise 30$ million during a fundraising round led by Google. Those facts have now mostly been confirmed. Machinima actually managed to raise $35 million in financing during the round. Google did, in fact, lead the round, though previous Machinima investors Redpoint Ventures and MK Capital also participated.
“With this latest round of funding, Machinima is well-positioned to make the next evolutionary step in the world of multi-channel video programming and distribution by expanding into original content, international territories, and new platforms and devices,” said Allen DeBevoise, Chairman and CEO of Machinima. “Our tremendous growth as one of the world’s largest online video communities, with innovative social metrics and attributes and massive mobile viewership, positions us well to lead the third wave of original video programing brands.”
In addition to content, new platforms and international expansion, Machinima plans to use the funds for global sales operations and product and technology initiatives. The company stated that it wants to create a global video programming brand that will transform the way new generations engage with online video and gaming content. An ambitious goal, for sure, but Google seems to think it is possible. “Machinima has built a brand and an audience that rivals some of the biggest channels on TV,” said David Lawee, Vice President of Corporate Development at Google. “The success and uniqueness of their business makes this a smart investment opportunity.”
Google’s investment in Machinima is part of an initiative by Google to promote and improve programming on premium YouTube channels. With Yahoo!, Hulu, and Netflix, and other websites also investing in video content production, we seem to be getting a glimpse of how entertainment will look in the future.