Bitmovin, the Austrian multimedia company that’s now headquartered in San Francisco, will receive up to €20 million in financing from the European Investment Bank (EIB). The loan is guaranteed by the Juncker Plan, under which the EIB and the European Commission are working together to boost the competitiveness of the European economy.
Bitmovin powers world-leading video streaming services offered directly to viewers over the internet, also known as “over-the-top” (OTT) media services. Its global pool of customers include the BBC, fuboTV, Hulu Japan, RTL and iFlix. Previous investors include pan-European VCs such as Atomico, which led the 2016 Series A, and Highland Europe, which led the $30 million Series B in 2018.
The financing will allow the company to strengthen its research and development and product development team in Austria and also support investments in sales and marketing to scale up its distribution network.
Bitmovin CEO Stefan Lederer said: “We feel very honoured to receive this EIB funding. Since founding Bitmovin it was our vision to shape the future of video and provide the best streaming experiences for our customers and viewers. Our founding team started by contributing research and development to modern video standards, and now we're excited to accelerate that effort with this investment.”
EIB Vice-President Andrew McDowell, who is responsible for operations in Austria at the Bank, said: “Bitmovin has developed an intelligent approach to delivering an optimised video experience and solving bandwidth issues, utilising a software-driven solution uncoupled from hardware. Young and innovative companies are key ingredients for ensuring sustainable growth and creating high-value jobs. They play an important part in driving long-term competitiveness. For the EIB, the EU bank, this is a top priority. Supporting investment that is geared towards innovation, skills and greater competitiveness is part of our mission to foster sustainable growth and jobs in Europe. I therefore very much welcome our new cooperation with Bitmovin.”
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