Online video site how-to programmer and syndication service 5min.com scored $7.5 million in venture capital in its second round, the company is expected to announce today.
The round was led by Globespan Capital Partners and included additional investment from existing venture partner Spark Capital.
Though the company has grown its presence with a vast library of how-to videos, CEO Ran Harnevo said the cash infusion will go to building out 5min's syndication service.
"We're 100% sold for four months already and two months ahead," he told Beet.TV last night in an email. "That's rare in the video space and proof that our model works. That's why we got the money." The funds are also earmarked for building up the ad sales team, he said.
He spoke to Beet.TV earlier this year about the syndication platform "VideoSeed" that pairs relevant how-to videos with Web sites in its distribution network. We have republished the interview today.
5min currently syndicates both its content and its video player to sites collectively reaching more than 200 million unique visitors each month, inlcuding Answers.com and WikiHow. 5min draws on content from Hearst, MotorTrend, Elle, Kiplinger's, Ford Models and others.
Update: Here is the press release.
Daisy Whitney, Senior Producer
