Video content marketing platform Vloggi announced the first milestone in its pre-seed raise ahead of the platform’s official launch later this year.
The company reached its first pre-seed round milestone of $300,000 follow-on from existing investors in January and has now completed paperwork. The company now moves on to the second phase of its pre-seed round, with terms sheets totalling $580,000 out with smaller venture capital firms and angel investor syndicates. The company can only accept $380,000 of this before it reaches the $700,000 limit on the raise.
Parent company Cine Souk is offering equity in a this small investment round ahead of a seed round planned for later this year 2020, targeting $2.2 million. This pre-seed round is to complete deployment of a radical new user interface required by the company’s pivot into collaborative video production. The pre-money valuation is currently $2.8 million.
Vloggi is a collaborative video production platform that allows users to create video content with their community, colleagues or customers. The platform integrates a crowdsourcing engine with a template-driven video assembly service.
“After nine months of intensive research and development, we have successfully built a collaborative video production platform that will put video production in the hands of millions of small businesses and community groups for the first time. This next raise is designed to grow the user base and implement a game-changing new user experience interface,” said Wastnage.
“We’ve been keeping a low profile for a while, but that is about to change. Since being identified on ABC News 24 as Australia’s potential next unicorn, we’ve been aware that we need to strengthen our team as we take this product to market,” Wastnage added.
Strategic investors from video production and marketing automation will be given preference to join the round in the event of equity becoming available.
Vloggi is the only platform currently on the market which allows organisations and marketing teams to create, edit and distribute organic user-generated video content at scale, creating a powerful alternative to the expensive and complicated offerings typically proposed by full-service marketing agencies.
The company also recently released a major update to the platform based around team collaboration in video production. The newest release includes key new capabilities expected to encourage even stronger interest especially in its key target markets of travel and publishing.