Wochit raises $13m in funding
October 28, 2016
Social video creation platform Wochit has announced receipt of $13 million (€11.9m) in funding, with investment from media giants ProSieben, Singapore Press Holdings’ SPH Media Fund, Carlo de Benedetti and several existing investors including Redpoint, Marker and Cedar Fund. The funds will be used to further enhance Wochit’s technology and to expand its business with publishers and content creators worldwide.
The investment from existing customers, each representing dozens of brands, is a testament to the strategic value of the Wochit platform, which supports rapid, cost-effective production of timely, socially-optimised video. By empowering storytellers with intelligently-applied automation and the largest library of pre-licensed assets, Wochit ensures quality results for publishers seeking a cost-effective video solution.
Wochit co-founder and CEO Dror Ginzberg, commented: “I’m proud that such esteemed media organizations value the impact Wochit is having on the industry to a degree that they are taking a stake in our continued growth. We’re confident that this investment will give us the ability to continue to drive results for our current partners and broaden our client base into new markets around the world.”