Abstrakt Video, which owns Mumbai based video creation platform InVideo, has raised $15 million in a Series A round led by returning investor Sequoia Capital India.
New investors joining the round include Tiger Global, Hummingbird, RTP Global and Palo Alto based seed stage venture capital firm, Base Ventures.
The company will utilise the capital to accelerate product development and build out InVideo’s collaborative, cross-device video creation suite, said a statement issued by the company.
Founded in 2017 by Sanket Shah and Harsh Vakharia, Abstrakt Video became a part of Sequoia’s accelerator program Surge in 2019.
With the current round, the company has raised a total of $18.2 million, including an angel round of funding from former Facebook executive Anand Chandrasekaran, Gokul Rajaram of fintech firm Square, Snapdeal co-founder Kunal Bahl and others.
The do-it-yourself video creation platform InVideo was launched in 2019 and allows users to create intuitive videos offering video editing and compositing in a browser first solution. The collaborative platform, which works on a freemium model and paid plans starting at $10 per month, claims to have a user base of 8 lakh across 150 countries.
“Making professional quality videos is hard. InVideo is set to change that. We have a single goal -- to replace the current crop of cumbersome and expensive video editing software with an intelligent, yet flexible platform,” Sanket Shah, CEO of InVideo said in the statement.
In September, Lightspeed India Partners and AV8 Ventures led a seed round of $1.5 million in customisable video creation platform Rephrase Technologies.