Portland, Oregon-based startup Vadio, which provides a business-to-business music video platform to streaming-audio services, has closed a $7.5 million round of Series A funding led by New York-based venture capital firm Marker LLC. The company is also staffing up: Yair Landau, former president of Sony Pictures Digital Entertainment, has been appointed Vadio’s new chairman and COO, while former Vevo CEO Rio Caraeff has joined Vadio’s board of advisors.
Early Vadio clients include Virgin International, Nova Entertainment, European Media Group and Grupo Radio Centro, but CEO Bryce Clemmer says the company is expected to announce a new partner in the coming weeks, and another in the third quarter.
He declined to name specifics, but certainly Spotify is the most high-profile streaming company rumored to be entering the video business -- as soon as May 20, to be precise, a day that the streaming service will be giving a presentation to media -- "we've got some news," read the company's invitation. “We’ve been in discussions with every major streaming platform out there,” Clemmer says. “What this capital has provided us is the ability to go out and sign one or two of the largest streaming platforms in the world and actually support the type of traffic these partnerships would deliver.”