Brisbane startup Clipchamp, a Canva-like platform for ceatives to produce video clips, raised $13.2 million in a funding round led by Seattle-based venture capital fund Tola Capital with participation from TEN13 and existing investors.
The company, launched five years ago with online tools to produce quality video without expensive equipment, has also reincorporated in the US but is keeping Australia as its headquarters.
Aaron Fleishman, a partner at Tola Capital who will be joining Clipchamp’s board of directors, says the proliferation of video content within companies is 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, while also easy enough for anyone to adopt and use it," he says.
"This really 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.”
Clipchamp has more than doubled its number of users in the last 12 months to more than 8 million registered users worldwide.
The video content creation market is now a $135 billion industry, with 720,000 hours of new content updated on YouTube every day. The numbers of professional influencers and YouTube creators has exploded.
Alex Dreiling, co-founder and CEO of Clipchamp, says the lead investor, Tola Capital, has a strong record of investing in platforms that enable B2B and enterprise scenarios.
"The Tola team are very hands-on in their approach, which will be invaluable for us as we set out to build a team and office in the US, as well as establish strategic partnerships to grow our reach to the enterprise segment," he says.
“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.
Clipchamp will grow its team in Brisbane and the US office.
“We have built an incredible team of people who love what they do and bring passion and hard work to shaping the future of video and delighting our customers," says Dreiling.
"We also have a culture that promotes caring about the well-being of our team and creating a healthy life balance. As we grow, we will continue to invest in keeping a great company culture."
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