Deutsche Telekom invests in video-sharing network, sevenload

Wed Jun 18 2008, 10:52 AM

Video-sharing network, sevenload, has raised EUR25m (USD38.8m) in a Series B round led by Deutsche Telekom's fund, T-Venture, reports Handelsblatt. The German business daily puts the T-Venture stake at EUR15m (USD23.3m). Returning backers Burda Digital Ventures, part of the Hubert Burda Media Group, and dw capital also participated in the round, along with sevenload's founders Ibrahim Evsan and Axel Schmiegelow as well as the firm's management team. Sevenload says it will use the funding to sustain its international expansion with the launch of localised sites in French, Italian, Spanish, Russian and Polish during the next month.

Deal Details

Based in Germany, sevenload currently operates three video-sharing sites, offering user-generated and professional content. The company claims more than 3m third-party sites have joined its network and use the sevenload video player. It has recently joined the User Generated Content Principles initiative, an alliance that sets guidelines for creating and distributing UGC through the web and protecting copyrights. The initiative boasts major content producers such as Walt Disney, Fox, Viacom and NBC Universal among its supporters.