German video startup Sevenload becomes a Burda plaything as founders step back

Sevenload, the German video startup, is performing what amounts to an exit – it must be said in a somewhat roundabout fashion. TechCrunch Europe understands that German media giant Burda, which owns a large stake in the company is taking on the majority of the shares, and adding some growth capital, though the amount is undisclosed. CEO Axel Schmiegelow is stepping down from the post but retaining some shares and taking a board seat. COO Andreas Heyden is stepping up to the CEO position. All change then.

Sevenload has number of premium-tv-shows, music videos, but it is the IPTV aspect that Burda is understood to be planning to exploit.

Founded in 2006, Sevenload was founded by Ibrahim Evsan, Thomas Bachem and Axel Schmiegelow but only Schmiegelow stuck around when Evsan left at the beginning of the year. Investors have included T-Online Venture Fund, DLD Ventures (Hubert Burda Media), Media Ventures GmbH and dw capital GmbH.

I spoke to Schmiegelow who is at pains to stress a bright future potential for the business, and he’ll stay on board to front Sevenload’s representation with industry associations and rights holders.