Three weeks after launching to the public, Vessel has raised another round of funding to fuel its growth.
The company announced in a blog post on Friday that it has raised a new round led by Institutional Venture Partners. Vessel CEO Jason Kilar did not disclose in the post the size of the round, but sources close to the company tell The Hollywood Reporter that it came in at $57.5 million. That adds to the $77 million the company raised from Benchmark, Greylock Partners and Bezos Expeditions last summer.
"What we are trying to accomplish — creating a video platform that works for both consumers and creators — is ambitious," wrote Kilar. "Each of these investors brings experience, resources and long-term thinking that will guide us as we continue pursuing our ambitions. Their investment in Vessel will enable us to grow, as a company and a business, equipped with the world-class team and resources we need to make our visions real."
Vessel launched at the end of March after an invite-only period that began in January. The platform is focusing on short-form video and is asking creators to window their content exclusively on the platform for three days before uploading it to YouTube or Facebook. A free version of Vessel offers ad-supported clips of widely available video content and a $2.99 a month subscription offering that windowed content.
The company has signed exclusive deals with The Ellen DeGeneres Show and online creators such as Connor Franta, Shane Dawson and GloZell Green.