Excl: Digital video startup Culture Machine in talks to raise $10M in Series B funding from Tiger Global & Zodius
Mumbai and Singapore-based Culture Machine Media Pvt Ltd, a startup that creates digital video programmes for 'the internet generation', is in talks to raise $10 million in its Series B round of funding from Tiger Global, two sources privy to the development told Techcircle.in. Existing investor Zodius Capital is also participating in the round.
Less than six months ago, the company had raised $3.5 million in Series A funding from Zodius Capital, for expanding its presence into international markets as well as to ramp up its engineering efforts.
Culture Machine's co-founder Sameer Pitalwalla declined to comment on the development.
We have also contacted Tiger Global's managing director (MD) Lee Fixel and Zodius Capital's MD Gautam Patel, and will update the post as and when we hear from them.
Culture Machine was founded in 2013 by Pitalwalla, former director of Walt Disney India, and Venkat Prasad, former product manager at YouTube. The startup optimises one's digital and analog presence to grow his/her YouTube channels via collaboration with creators and their fans, besides helping him/her build an audience. The firm claims that it helps clients at every step in the process of creating, executing and delivering content by identifying the right programming strategy for their audience.
As of September last year, the company claimed to have 40 million monthly views with over 80 million minutes of content consumed with almost 55-60 per cent of the consumption happening on mobile phones.
Culture Machine's network includes media brands including Fox Star Studios, Germany's CMajor, Norway's Earth Three Media, the American stand-up comedy network, Comedy Time, The Times of India and Bombay Times.
Its network allows creators across music, comedy, fashion, lifestyle and kids to help grow their channels and create video programming using its production facilities in Mumbai and Chennai.
The company had earlier also added Shishir Mehrotra, former vice president of product at YouTube/Video at Google; Dean Gilbert, former vice-president and global head of content operations at YouTube and Nickhil Jakatdar, chief executive officer VuClip, to its board of advisors.
Currently, the company employs 65 people across its offices in Mumbai, Singapore and California.
Founded in 2001, Tiger Global invests in sectors across internet, technology, real estate, telecommunications, energy, media and retail with a focus on the US, China, India, Southeast Asia, Latin America and Eastern Europe. A $2.5 billion fund, it is one of the largest investors in Indian tech firms with investments in firms like Flipkart, Olacabs, Just Dial, MakeMyTrip, Commonfloor, Caratlane, Freshdesk, Babyoye, Zovi, Hike, CarTrade, LimeRoad, Grey Orange, and PolicyBazaar.
YoBoHo New Media is another company operating in the digital video space that focuses on creating entertainment content for children.
(Edited by Joby Puthuparampil Johnson)