InVideo, a video creation platform to create video ads, promo videos, social media videos and more has announced that it has raised $15 million in Series A funding led by Sequoia Capital India.
Other investors that participated in the Series A funding round are Tiger Global, Hummingbird, RTP Global, and Base Ventures.
The online video editing startup will use the funds to accelerate product development in order to help more individuals and businesses create videos that fit their needs.
Founded in 2019 by Sanket Shah and Harsh Vakharia, the company allows users to create professional-quality videos using its templates, images, and music. These videos can then be customised for various social media platforms like Facebook, Instagram, and YouTube among others.
Speaking about the startup’s vision, Sanket Shah, InVideo co-founder and chief executive said, “We have a single goal: to replace the current crop of cumbersome and expensive video editing software with an intelligent, yet flexible platform. InVideo cuts the time to create a professional quality video by over 90%, and allows the creator to focus on impact and message.”
Commenting on the development, Prateek Sharma, vice-president, Sequoia Capital India, said, “We believe the global SaaS companies of tomorrow are going to be built from India. And with their stellar product, design, and tech capabilities, InVideo is well-placed to become the platform of choice for video creation in a potentially $10 billion market.”
InVideo has recently raised $2.5 million funding from Sequoia’s Surge, along with angel investors like Anand Chandrasekaran, Ryan Hoover, Kunal Bahl, Gokul Rajaram, Haresh Chawla, and Miten Sampat among others.
InVideo claims it has over 800,000 users from more than 150 countries who have created videos in over 75 languages. The company’s list of customers include Procter & Gamble, Dropbox, Reuters, and AT&T.
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.