DIY video platform Invideo raises $2.5 mn from Sequoia Surge, angels
San Francisco headquartered Abstrakt Video, which owns do-it-yourself video platform Invideo, has raised $2.5 million in a funding round from Sequoia Capital India’s accelerator programme Surge.
Former Facebook executive Anand Chandrasekaran, who has invested in startups such as NoBroker and MoEngage, and Gokul Rajaram, a lead product developer at fintech firm Square, participated in the round, a statement said.
With the latest round, the company has raised a total funding of $3.2 million till date, according to a Sequoia Surge spokesperson.
In the previous round, the company raised $750,000 from angel investors such as True North partner Haresh Chawla, Snapdeal co-founder Kunal Bahl, BookMyShow founder Ashish Hemrajani and Times Internet executive Miten Sampat, the spokesperson added.
With the latest capital infusion, the company aims to scale its platform to a global audience and expand its current product pipeline.
Founded in 2017, Invideo uses an artificial intelligence-based video editing platform that has an autocorrect feature and a drag-and-drop design through which users can create marketing-ready videos. The platform also offers video templates, stored footage library, and automated text-to-speech and voiceover tools.
It claims to have 1,00,000 customers across 150 countries, including companies such as telecom major AT&T, and media companies including Sony Music, Reuters, CNN and CNBC. The company said more than five videos are created on the platform every minute, with more than 2,20,000 every month.
Invideo, which has offices in San Francisco and Mumbai, was founded by Harsh Vakharia, Pankit Chheda and Sanket Shah. Shah and Chheda co-founded Massblurb, a restaurant branding and technology services provider, which was acquired by Mobikon in 2016. Vakharia also worked there.
Invideo was part of Sequoia Surge’s second cohort of startups, which included companies such as construction services startup Brick&Bolt, software-as-a-service (SaaS) platform Hevo Data, neo-bank Juno and vlogging platform Trell.