Venture Capital firm Sequoia India has led the $7.5 million (around Rs 50 crore) Series A funding round in New Zealand-headquartered cloud video production platform 90 Seconds. This round also saw participation from SKY TV NZ, Airtree Ventures, Beenext and Fotolia founder Oleg Tscheltzoff.
The startup plans to use the funding for growing its market in India, and expand its global reach.
Founded by Tim Norton, the 90 Seconds marketplace enables discovery of more than 5,000 video creative professionals in over 70 countries across 40 categories including videographers, directors, editors, producers, animators, drone operators, photographers and many more. It has worked with more than 1000 brands including Barclays, PayPal, Visa, Sony, Microsoft to produce video content; and produced over 10,000 videos till date.
The six-year old startup has already produced over 100 videos in India for companies such as Rolls Royce, Cricket Australia, Financial Times, Oracle, JLL and Exxon Mobil. 90 Seconds helps brands purchase, plan, shoot, edit and review videos anywhere in the world.
90 Seconds, which claims to have achieved 300 per cent growth in revenue in the past twelve months, is also opening new offices in San Francisco, New York, Hong Kong and Berlin this year.
Sequoia Capital had closed a new $920 million fund capital this year. The VC firm, has been an investor in numerous startups and a lot of companies JustDial, Freecharge, Zomato, Oyo Rooms, consider Sequoia as its backer. Around last year the VC funds assets under managements in India was around $800 million.
The combined size of the content marketing, video marketing and social media sectors is estimated to be worth $118 billion by eMarketer. According to market research agency Nielsen, 64 per cent of marketers expect online video to dominate their strategies in the near future.