Thursday, January 15, 2009

Canaan Partners invests in N.Y. online video firm

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Venture capital firm Canaan Partners, which operates an office in Westport, Conn., has made its third investment in the $6 million Series C financing round of New York video sharing and storage site Motionbox Inc., according to published reports. The funding was led by Constellation Ventures of New York, and was also joined by New York’s SAS Investors, another return backer, website PE Hub reports.

Launched in 2006, Motionbox enables personal video and uploading services, including HD video, through free membership and partner services. The company recently made personnel adjustments, promoting former COO Josh Grotstein to the CEO position. Motionbox founder and former CEO Chris O’Brien has taken to position of chairman of the board and executive vice president of strategy and corporate development.

Canaan Partners also invested in Motionbox’s $7 million Series B financing round and its $4.2 million Series A fund.

Canaan Partners’ financial involvement in Motionbox is one of many New England investments in New York new-media companies drawn from Massachusetts venture capital firm websites that Mass High Tech recently outlined.  The VC firm has also invested in New York new media firms Associated Content and Tremor Media. Associated Content enables user submission of original material for syndication on the web and receive royalties. Tremor Media provides advertisers with in-banner and in-stream video advertising opportunities on top-tier publisher sites.