Social video creation platform Wochit has secured the receipt of $13 million in strategic investment from media conglomerates ProSiebenSat.1, Singapore Press Holdings’ SPH Media Fund, Carlo de Benedetti and several existing investors including Redpoint, Marker LLC and Cedar Fund.
According to the company, 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 representative of the strategic value of the Wochit platform, which supports rapid, cost-effective production of timely, socially-optimized video.
Commented Jens Doka, Chief Product Officer, ProSiebenSat.1 Digital, whose premier brands include ProSieben, Sat.1, Sixx and Kabel Eins, “The proliferation of content platforms has resulted in an incredible demand for video. With Wochit, ProSiebenSat.1 is able to produce video content at the scale needed to address this growing need, even providing tools to help deliver that content in the right format for each distribution channel.”
Wochit is a video creation platform that empowers newsrooms, media companies and brands to expand audience engagement through the power of social video and is used by media brands such as Time Inc.,, USA Today, AOL, ProSieben, The Straits Times, Die Welt and Der Spiegel, amongst other media brands.
It enables the creation of short-form videos around trending topics at the scale and speed required in an era of growing smartphone proliferations and utilises rights-cleared, pre-licensed assets from AP, Reuters, Getty, Bloomberg and others, cloud-based editing tools and native uploads for distributing videos across social and digital platforms.
The investment by SPH Media Fund, the corporate venture capital arm of Singapore Press Holdings (SPH), shows Wochit’s growing presence in the Asian market.
As a platform, it provides publishers with a powerful tool permitting video-based storytelling to turn what is traditionally a resource-intensive proposition into a user-friendly, cost-effective one.
A Wochit customer, SPH is already engaging audiences with Wochit video across properties such as The Straits Times, Lianhe Zaobao, The Business Times, AsiaOne and Stomp.
This development comes as its revenues are reported to have been declining for four consecutive years, with SPH merging two of its publications and currently reviewing its investment strategy – particularly regarding the continued existence of its media startup accelerator, SPH Plug & Play.
Speaking on the investment,, Wochit co-founder and CEO Dror Ginzberg said, “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,” Ginzberg adds.