ORIX Venture Finance Provides $10 Million to Mevio Entertainment
ORIX Venture Finance LLC and Mevio Entertainment Networks announced the closing of a $10 million senior secured facility composed of a $7 million term loan and $3 million revolving credit line.
Mevio Entertainment Networks produces short form video entertainment across its four networks: Men, Women, Technology and Music. Each network runs multiple channels, catering to specific interests such as entertainment, sports, business, food, comedy, health and fitness, fashion and gaming. The company currently has over 30 shows and an active library of over 250,000 episodes, and creates more than 200 new episodes per month.
The ORIX financing will enable Mevio, which is ranked in comScore’s top 15 multimedia companies, to expand its production capabilities, grow their proprietary technology, and increase sales and marketing. Consumers are rapidly flocking to online entertainment. According to comScore’s January 2012 report, 84.4% of the U.S. Internet audience viewed online videos. Brands and advertisers have also realized the importance of engaging consumers online as digital video advertising surpassed $1.5 billon on the Web in 2011.
“Mevio is a pioneer and a leader in producing high-quality video entertainment that consumers are connecting with right now. The recent growth in this segment is just the tip of the iceberg and we are proud to support Mevio as it increases its leadership in this burgeoning market,” said Michael David, managing director and co-head of ORIX Venture Finance, a Dallas based venture capital firm.
“We are delighted to have the backing of a quality partner such as ORIX Venture Finance. This new investment will allow Mevio to further grow our reach in the advertising market, deliver quality entertainment to our viewers, and improve our technical capabilities to continue to support Mevio’s rapid growth in the multi-media entertainment industry,” stated Holli Bohren, COO/CFO, Mevio Entertainment Networks.
ORIX Venture Finance provides customized financial solutions up to $50 million in capital per transaction to mid- and late-stage companies which have established customers and run-rate revenues of $10 million or greater.