BitTorrent Inc receives $20 Million in Funding
BitTorrent Inc has officially announced that they are receiving a second round of funding totalling $20 million. As predicted, the investors are Accel Partners and Doll Capital Management.
In this second round of investments Accel Partners joins Doll Capital Management, who already supported BitTorrent Inc with $9 million last year. The new round of funding was probably accelerated by the news of BitTorrent Inc teaming up with a host of major movie and TV studios earlier this week.
“This financing is a clear testament to the strength of our technology and potential growth, and I look forward to spearheading the continued development of BitTorrent,” said Bram Cohen in response to the announcement.
It hasn’t been an easy ride for the company, but it looks like things may finally be falling in place. BitTorrent Inc has had a great a business model for a while, it’s the support of major media companies that was lacking. The deals signed earlier this week and the following investment of venture capital is bound to bring it success.
“To have the support from Accel Partners and initial investor DCM is fuel for our continued leadership as the preeminent mechanism for efficient content delivery on the Web. Both firms are top-tier venture investors and bring a wealth of expertise and relationships to support our dominant position in the marketplace,” said Ashwin Navin, President and Co-founder of BitTorrent.
