ExtendMedia has announced that it received $12 million in venture capital funding in a Series B round led by TVM Capital. Previous investors Atlas Venture and Venrock Associates also participated in the current round. This financing follows a previous $11 million Series A round, bringing funding to a total of $23 million. The additional funds will be used to accelerate sales, marketing, and product development efforts to meet demand for both direct-to-consumer and ad-supported digital content businesses. As part of the announcement, ExtendMedia also appointed Edward Braginsky, TVM Capital general partner, to the company's board of directors.
(www.extend.com; www.tvm-capital.com; www.atlasventure.com; www.venrock.com)