$10M for Heavy.com Video Clips

REDHERRING.COM: Online video portal Heavy.com, which attracts more than 10 million unique viewers a month, said Monday it had raised $10 million in a fourth round of financing led by Polaris Venture Partners.

Founded in 1999, the New York City-based company has been profitable for most of its existence. It had previously raised about $5 million several years ago.

The influx of cash is intended to accelerate mobile content production and a new community-oriented site called MyHeavy.com. The company’s content is currently viewable on its web site and as downloads to devices that include Sony’s PlayStation Portable and Apple’s video iPod.

Unlike the many online video companies such as YouTube and Vimeo that aggregate video contributed by users, Heavy has about half user-generated content and half its own programming, including the popular “Behind the Music that Sucks.”

“Because everybody’s brother and potentially their mother are doing some sort of video site, I think there still is a place in the marketplace for programming that attracts an audience that is original,” said Heavy co-founder and co-CEO David Carson.

=> Read the full article in The Red Herring here.