Canada's Vidyard Said to Raise Funding at $300 Million Valuationby
Video analytics startup raises $35 million in venture capital
Latest investment round brings total financing to $60 million
Vidyard, a Canadian startup that makes online video marketing tools, raised $35 million in a funding round led by U.S. venture capital firm Battery Ventures. The round values the Kitchener, Ontario-based company at around $300 million, people with knowledge of the matter said.
Existing investors Bessemer Venture Partners, OMERS Ventures, iNovia Capital, Salesforce Ventures and SoftTech VC participated in the financing, bringing the startup’s funding to date to $60 million, the company said in a statement.
A spokesman for Vidyard declined to comment on the valuation.
Battery Ventures, Bessemer and other U.S. venture capital firms are increasingly looking to Canada for new investments as less competition and a declining Canadian dollar make deals north of the border more attractive. Firms including Andreessen Horowitz and Sequoia Capital have invested in Canadian startups in the past year.
Vidyard is tapping into the demand for video content to help companies market their products and train their employees. Vidyard’s software helps sales and marketing departments create videos and track how customers are interacting with them. Along with companies such as D2L Corp. and Thalmic Labs Inc., Vidyard is anchoring a tech comeback in Kitchener and Waterloo, the twin cities that formed BlackBerry Ltd.’s hometown.