Cloud video production start-up 90 Seconds raises Rs 50 crore from Sequoia
The investment will accelerate 90 Seconds’ global expansion as the market leader in cloud video production
90 Seconds on Tuesday has announced it has raised $7.5 million (Rs 49.9 crore) in Series A financing led by Sequoia India. Sequoia has invested in several of the world’s most famous companies including Apple, Google, YouTube and Airbnb.
The round, supported by SKY TV NZ, Airtree Ventures, Beenext and Fotolia (sold to Adobe for $860 million) founder Oleg Tscheltzoff, will accelerate 90 Seconds’ global expansion as the market leader in cloud video production.
India is a key growth market for 90 Seconds in 2016. The company’s current 100 creative freelancers in India will grow to over 500 in the next six months. The team will be spread out across Mumbai, Delhi, Hyderabad and Bangalore.
The company in India has already produced over 100 videos for companies such as Rolls Royce, Cricket Australia, Financial Times, Oracle, JLL and Exxon Mobil as there is an increase in demand for localised Indian content for large multi-nationals from the 90 Seconds SEA and Australian offices.
Founder and CEO of 90 Seconds, Tim Norton says ,“Video content is a must have in today’s world and we are proud to have developed a solution that works for brands around the globe to deliver fast, affordable content. We are excited to work with our new and existing investors who understand the opportunity 90 Seconds has to completely change the global video production landscape.”
Some of the brands including Visa, PayPal, Sony, Samsung, Barclays and Microsoft have used the platform regularly.
Along with brands, 90 Seconds also works with agencies on global projects and provides seamless integration with popular video distribution platforms, storage platforms and stock libraries including YouTube, Vimeo, Dropbox and Google Drive.
Pieter Kemps, Vice President of Sequoia Capital says, “The 90 Seconds team has done a terrific job in building the leading global marketplace for video production. In the large and rapidly growing video market, they offer creative talent and agencies a unique workflow platform to work together on global projects. This has enabled them to build a fast-growing and rapidly scaling model.”
As well as further developing technology and customer experience, this funding round will be used to meet strong demand from the industry by expanding into new markets in Asia, the US and Europe, and strengthening their presence in existing countries.