ViTrue Announces Investments from Comcast Interactive Capital and Turner Broadcasting
ViTrue, Inc., pioneer of the world’s first user-created advertising platform, today announced that it has secured a round of strategic funding from Comcast Interactive Capital and Turner Broadcasting. Both join existing investors General Catalyst Partners and ViTrue’s founder and CEO, Reggie Bradford. Louis Toth, managing director at Comcast Interactive Capital, and Dennis Quinn, executive vice president of business development for Turner Broadcasting, will be observers on ViTrue’s board.
ViTrue will use the funds to further develop its patent-pending user-created advertising platform and expand its partnerships with global brands, media companies and advertising agencies. Key benefits of ViTrue’s platform include the ability to empower brands to feature user-created videos on a branded site instead of on a third party site, and the platform’s stringent review module that helps companies avoid copyright infringement.
“ViTrue combines an exciting vision with an experienced entrepreneur with whom we’ve successfully partnered many times before,” said Greg Foster, vice-president of corporate development for Turner Broadcasting. “The company is helping to transform consumers from silent observers of marketing messages into active, vocal contributors by providing the tools and outlets for user-generated ad content. We are excited about the opportunity to experience this first hand when TBS launches its ‘Funny or Not?’ online campaign later this year.”
ViTrue helps brands harness the power of user-created video on their own branded sites. The modular platform includes applications and services necessary to move rapidly from program creation to launch in less than 30 days. ViTrue provides tools for consumers to create, produce and upload video advertisements, as well as the technology infrastructure to align consumer efforts directly with marketing campaigns.
“Today’s most innovative brands understand the power of the Internet as a marketing channel.” said Louis Toth, managing director, Comcast Interactive Capital. “ViTrue’s user-created advertising platform provides an ideal vehicle for companies to extend their brand and further enhance interaction with consumers.”
“User-created video is becoming a crucial component of the online entertainment community,” said Reggie Bradford, founder and CEO of ViTrue. “As user-created content further penetrates the daily lives of consumers, advertisers are realizing that user-created ads are the natural marketing message to resonate with this audience. The addition of these strategic partners is a key step in our corporate vision to establish user-created ads as a key part of the marketing mix.”
ViTrue also owns the online video-sharing community Sharkle.com, recently awarded “Best of the Web” Video Sharing site by BusinessWeek along with YouTube and Google.
About Comcast Interactive Capital
Comcast Interactive Capital (CIC) is a venture capital fund focused on broadband, enterprise and interactive technologies. CIC is affiliated with Comcast Corporation, the nation's leading provider of cable, entertainment and communications products and services. CIC's primary goal is to generate superior financial returns from private equity investments in early-stage technology companies. To achieve this goal, CIC works to foster the success of its portfolio companies by bringing to bear the unique resources, experience, and insight of both CIC and the Comcast family of companies. Additional information is available at www.civentures.com .
About General Catalyst Partners
General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has approximately $1 billion under management and is headquartered in Cambridge, Mass. For more information, please visit: www.generalcatalyst.com.
About Turner Broadcasting System, Inc.
Turner Broadcasting System, Inc. (TBS, Inc.), a Time Warner company, is a major producer of news and entertainment product around the world and the leading provider of programming for the basic cable industry. TBS, Inc. also has interests in professional sports and real estate and employs more than 8,000 people worldwide.
About ViTrue, Inc.
Headquartered in Atlanta, with offices in New York and San Francisco, ViTrue is reinventing the way brand marketing is created, priced and distributed via an online video platform that combines user services, user tools and brand partnerships. ViTrue’s platform is a user-created advertising product that enables brands to leverage consumer creativity to produce more relevant and engaging advertisements at a lower cost of production. The Company’s premier online video sharing community www.sharkle.com, recently awarded “Best of the Web” Video Sharing site by BusinessWeek along with Youtube and Google, is the destination for more than 100,000 registered members who are producing and sharing videos. For additional information, please visit www.vitrue.com.