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Culture

Next New Networks draws $15 million to build video empire

The online TV site has raised money from Goldman Sachs and Velocity Interactive Group, bringing its total funding to $23 million.

Next New Networks, a network of online video programming, has raised $15 million from Goldman Sachs and Velocity Interactive Group, according to its co-founder and CEO Herb Scannell. That funding adds to an early round of $8 million from Spark Capital and Saban Media Group when the company launched last January. Spark and Saban also contributed to the Series B round.

Roughly 14 months after its debut, the New York-based company plans to rapidly expand its niche video programming. The company currently runs 12 video channels, or "micro-networks," such as the political satire show Barely Political. But Scannell, a former TV executive, said the company plans to eventually grow to 101 channels. With the money, Next New Networks also plans to hire an advertising sales team that can sell video ads against its content.

The company is also looking to boost its distribution partners. Next New Networks syndicates its content to sites such as MySpaceTV, among about 25 other partners. In the past 10 months, Scannell said, Next New Networks has served more than 100 million video views.

"It's still a new marketplace. This is not like CBS, where you put on Grey's Anatomy against CSI to kill the other guy. It's more of a collaborative effort with other players in the market," Scannel said in an interview.

Silicon Alley Insider first reported the funding news.