It's the fastest round we've done in the history of [the New York Angels] group. We were over-subscribed within 24 hours.
New York, NY (PRWEB) March 9, 2010
SetJam, the online-TV search engine, today announced it has closed on a $275,000 bridge investment from the New York Angels and The Hudson River Angels, a recently-formed investment group composed of former New York Google employees. Setjam will use the funds to accelerate its growth as it prepares for a venture investment. "There are times to validate a market, and there are times to own a market. We and our investors believe that online-TV has clearly moved into that second phase," said SetJam CEO, Ryan Janssen.
SetJam intends to use the funds to continue work on its key "Time-To-View" metric, which measures how quickly they get people to their shows. "We have been and will continue to be laser-focused on our 'Time-To-View' metric; that is, how long it takes for people to actually start watching the shows they want to see. Our competitors believe people want a TV portal. We believe people want to get to their content as quickly as possible," said Janssen.
Commenting on the speed of the round, David S. Rose, Chairman of the New York Angels, said, "It's the fastest round we've done in the history of our group. We were over-subscribed within 24 hours, then we had to increase the round to make room for the former Google folks and several other outside investors. We had to cap the note to protect our investment."
When asked what size venture round SetJam would have to raise in order to compete with Clicker, a Los Angeles startup that recently raised an additional $11 million, Janssen said, "Clicker has stated their strategy plainly: They are going to spend $20 million to buy a brand. Let me also speak plainly: We are going to spend a fraction of that making online-TV easy. We'll see where both companies stand two years from now."
SetJam claims a number of firsts in the hyper-competitive online-TV market. Both Amazon and Netflix were included in SetJam’s affiliate business model from the very beginning, and the company also recently announced its "TV Everywhere" widget series. These serve as the glue between content owners’ sites and the entertainment sites that people already use, transforming the Internet into "the most powerful TV broadcaster in the world".
When asked if the online-TV search market is now a two-horse race, SetJam CEO Janssen demurred, "Having a clear competitor is fun. Realistically though, both SetJam and Clicker are still small-fry. There are old-school brands like TV Guide, and let's not forget the two monsters of search, Google and Microsoft. It will be fun to see what the market looks like in five years."
SetJam was founded in June of 2009 by Ryan Janssen, the former Chief Operating Officer of online financial tool builder Angelsoft.net. From day-one, SetJam's mission has been to make online TV as easy as traditional TV. SetJam is headquartered in New York City's Silicon Alley with development offices in Warsaw, Poland. For more information please email press [at] setjam.com.