Blip.tv, the video Web site, said that it had raised another $10.1 million in funding, its third round of venture investment since it debuted in 2005. The company said it would use the latest funding to “accelerate the growth of the independent Web shows that Blip.tv hosts and distributes.” The company also hopes to expand its sales force for international advertising and build new products for its producers and video community.

The latest round of funding is led by Canaan Partners and also involved Bain Capital Ventures, Blip.tv's earlier backers, who invested $5.2 million in the company in late 2008.

Mike Hudack, Blip.tv's chief executive and co-founder, said that the additional capital would help the company push ahead with its vision of creating audience-specific content and sharing the revenue with video producers. “We take half of the money from an advertisement that play alongside a video and we kick half of it back to the video producers of that show,” he said. According to Hudack, some of the producers on Blip.tv are making six-figure incomes from videos they create and share.

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