Steamboat Ventures, an affiliate of US media conglomerate The Walt Disney Company, has led an $8 million Series B funding in CTS Media, an internet video business. The round also included Draper Fisher Jurvetson and saw Sequoia Capital China return.
Founded in 2006, CTS Media is an advertising agent between internet video content providers and advertising clients or their advertising agencies. It is the exclusive advertising platform provider to BesTV, China’s largest IPTV operator, and has also given CTS rights to BesTV’s advertising inventory.
Benjamin Xu, Steamboat’s Shanghai-based managing director, has joined the CTS board. The new capital raising will help accelerate CTS growth and bring its technology and services to a wider range of internet video content providers, broadcasters, advertisers and consumers.
Xu said: “Advertising through in-stream video is an increasingly important tool for advertisers for brand and product marketing in Asia and across the globe, and CTS has the innovative technology and services to drive explosive growth in this area.”
Steamboat Ventures invests in digital media, consumer and technology companies in the US and Asia from offices in Los Angeles, Shanghai and Hong Kong.