ANNOUNCES $10 MILLION DOLLAR FINANCING FOR GROWING MEDIA NETWORK
PALO ALTO, Calif., March 7, 2012
PALO ALTO, Calif., March 7, 2012 /PRNewswire/ -- ORIX Venture Finance LLC and Mevio Entertainment Networks, announced today 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, who is ranked in comScore's top fifteen 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 percent 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.
Mevio has experienced double digit growth year over year in both audience reach and revenue and is projecting their highest yearly revenue number, to date, in 2012.
About ORIX Venture Finance 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. Since its inception in 2001, ORIX Venture Finance has invested in more than 90 growth companies throughout the U.S. and Canada. www.orixventurefinance.com. ORIX USA is a Dallas, Texas-based financial services and investment firm with over 1,400 employees and primary offices in Dallas, New York, Los Angeles, Columbus and Minneapolis. ORIX USA holds approximately $6 billion of assets and manages through various subsidiaries an additional $25 billion. www.orix.com. ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 27 countries worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX).
About Mevio Mevio is the top online media entertainment network, producing and delivering big entertainment with short videos. Mevio delivers entertainment for the digital generation while helping advertising agencies and brands to utilize all-original, brand safe video shows to gain the reach of cable TV with internet accountability. Ranked in comScore's top fifteen multi-media agencies, Mevio's Entertainment Networks program over 15 channels producing shows on everything you want to see ? from music to comedy, from tech to sports, from celebrity news to personal finance, from fitness to lifestyle ? Mevio delivers. http://www.mevio.com/