The race is on as to who can provide the credible alternative or threat to YouTube. In June, online video sharing site, Veoh, got $26 million in funding. Weeks ago, another online video sharing site, Metacafe, received $30 million. And now, a French video sharing site, Dailymotion, has raised a $34 million financing on top of 9.5 million funds it earlier received.

Dailymotion, founded two years ago, claims to be the world’s largest ‘independent’ video site with 1.2bn page views and over 37 million unique visitors in July 2007. The site enjoys 15,000 new videos uploaded daily and currently ranked in Alexa as the 50th most visited website worldwide.

The latest financing was led by AGF Private Equity and Advent Venture Partners, included new investment from CIC Capital Privé and extra cash from existing investors Atlas Venture and Partech International.

Dailymotion’s executive chairman, Mark Zaleski said the new funds will “take us to profitability and enhance the users’ experience further.”

“The additional funds will allow Dailymotion to accelerate progress against strategic objectives: strengthening international expansion, improving users’ experience through investments in technology, enhancing the community and reinforcing its position as the leading video technical platform. In addition, the funds will enable Dailymotion to provide advertisers with an industry-leading, video-driven marketing platform.”

According to C21media, earlier this year, Dailymotion hired a number of TV executives in the US to steer its growth there, including former Time Warner senior VP of global marketing Joy Marcus as general manager. The company also signed a first-look deal for eight original programs from RDF USA.

Armed with more funds, Dailymotion has now more room to further expand and enhance its services. Who knows, it could be the next YouTube.

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Entry was posted on Thursday, September 6th, 2007 at 4:17 pm under Online video, YouTube.

Read more entries by Ruben Francia.
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