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Globespan Capital Partners has joined its Boston neighbor Spark Capital Partners as a new investor in a $7.5 million Series B round for 5minutes Inc. The New York-based company, which does business as 5min, operates 5min.com, a sharing website for instructional videos, supported by advertising revenue.
The company’s Series A round from Spark Capital was announced in January of 2008, to the tune of $5 million. Spark’s Alex Finkelstein leads the Back Bay venture firm’s investment in the company.
Globespan managing director Jonathan Seelig will join 5min’s board, the company announced in a press release today. In a written statement, Finkelstein said 5min has beaten all milestones, including growing revenue, video views, and partnerships since the first round of venture investment.
According to the press release, the site’s “potential audience” is over 200 million unique monthly visitors, with 14 million watching at least one video per month.
CEO Ran Harnevo said the company plans to expand a semantic syndication program it calls VideoSeed.
Globespan closed its fifth fund in 2007 at $380 million. Founded in 2005, Spark Capital closed its second fund in 2007 at $360 million.
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