Kitchener's Vidyard gets $18M in new investments

Kitchener-based company Vidyard plans to expand thanks to $18 million in new investments.

The company, which specializes in video analytics software that tracks the number and length of views on online videos, says it wants grow its workforce from around 60 people to 150 in the next two years.

The majority of that growth will happen in Kitchener, said Tyler Lessard, Vidyard’s chief marketing officer.

“We’ve found investors understand there is a tremendous talent pool here,” said Lessard.

This is growth money.- Tyler Lessard, chief marketing officer for Vidyard

“Over time we will need to continue to grow the business, particularly from a sales perspective and look to expand, but continue to grow the heart of the company here in the Kitchener area.”

The business has already acquired the space for new employees, taking over another floor in the company’s downtown Kitchener office building.

"This is growth money,” said Lessard.

The multimillion-dollar investment is part of the company’s series B financing plan, and represents the next phase in the once-startup’s history.

On top of new money, that next phase of Vidyard also includes a new partnership for the company. Much of the funding was secured with the support of Silicon Valley heavyweight Bessemer Venture Partners, and now one of the venture capital’s executives, Byron Deeter, will be sitting on Vidyard’s board.

“He is a tremendous asset for Vidyard,” said Lessard, citing Deeter’s extensive experience in helping to grow tech companies.

“His guidance and expertise will continue to help us make smart decisions.”