Australia-based global video creation platform Clipchamp Inc has launched its presence in the US after raising A$13.2 million (US$8.8 million) in its Series A funding round led by US-headquartered venture capital firm Tola Capital.
Investment platform TEN13 and existing investors have also participated in the funding round, which further highlights investor interest in the bustling global video content creation market.
According to a study conducted by mobile video platform Magisto, the video content creation market reached $135 billion in 2017, with 720,000 hours of new content updated on YouTube every single day.
Clipchamp alone claims to have eight million users around the world who create high-quality, impactful video content without relying on expensive equipment, complicated software, or any previous production experience.
The company founded in 2014 by four co-founders – Alex Dreiling, Soeren Balko, David Hewitt, and Tobi Raub-, and its flagship and core platform, Clipchamp Create, was launched in 2018.
Since its inception, the platform has been used by people from around the world, including team members from companies such as Google, Tesla, Sony, Microsoft, and Deloitte.
“Clipchamp has a strong platform vision, and growth for us will come from extending and improving our platform. Tola has bought into that vision as they see what our company can become, so we couldn’t be happier to have them be part of our journey,” Dreiling, who is also company CEO, said.
With the fresh capital from Tola, Clipchamp officially launches ints presence in the US while continuing to boost its team in Brisbane.
Tola Capital partner Aaron Fleishman, who will be joining Clipchamp’s board of directors, said the proliferation of video content within companies has and continues to be exponential, whether it be from marketing, HR, or other departments.
“Unlike traditional, complex video editing tools, Clipchamp offers a new paradigm of video editing that is rich with features to create high impact videos within minutes. This empowers every business to produce high-quality video content in a much more scalable and affordable way. We are thrilled to partner with the company on this next stage of growth,” he added.