Sequoia India leads $7.5 million investment in 90 Seconds1 min read . Updated: 16 Apr 2016, 01:25 AM IST
90 Seconds will also grow its headcount of creative freelancers in India from 100 currently to over 500 in the next six months
Cloud video production platform 90Seconds.tv on Tuesday said it has raised $7.5 million in series A financing led by Sequoia India. Some other investors, who participated in the round included SKY TV New Zealand, Airtree Ventures, Beenext and Fotolia.com founder Oleg Tscheltzoff.
The money will be used for global expansion in cloud video production, which allows brands to purchase, plan, shoot, edit and review videos online. 90Seconds will also grow its headcount of creative freelancers in India from 100 currently to over 500 in the next six months, the company said in a statement.
“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 90Seconds has to completely change the global video production landscape," said Tim Norton, founder and chief executive officer of 90Seconds, in the statement.
Founded in 2010, the company has a global team of 70 employees working on product, growth and customer success based in Singapore, London, Tokyo, Manila, Sydney and Auckland. It will open new offices in San Francisco, New York, Hong Kong and Berlin in 2016, the company said.
Online video content creators, especially in the satirical genre, has attracted investment from blue-chip investors.
New York-based hedge fund Tiger Global Management LLC acquired nearly 25% of popular online content creator The Viral Fever for $10 million in February this year. This was Tiger’s second investment in the space as it had, along with Zodius Capital, invested $18 million in Culture Machine in 2015.
According to a 2015 report titled Digital Media: Rise of On-demand Content by Deloitte in India, the digital video subscription market is estimated to grow to around ₹ 35-40 billion by 2020.
“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," said Pieter Kemps, vice-president of Sequoia Capital.
The platform provides workflow tools to reduce the complexity of video production. 90Seconds has so far produced over 10,000 videos in 70 countries.