InVideo, which allows users to create high-quality videos for any form of digital media, on Tuesday announced that it has raised $15 million in a Series A funding round led by venture capital firm Sequoia Capital India.
The financing also saw participation from Tiger Global, Hummingbird, RTP Global, and Base, the startup said in a statement. The funding will help accelerate product development and build out InVideo’s collaborative, cross-device video creation suite, the statement added.
Sanket Shah, CEO and co-founder of InVideo said: “InVideo cuts the time to create a professional quality video by over 90 per cent, and allows the creator to focus on impact and message. InVideo is a browser-first, video editing platform. In building InVideo, we are pushing browsers to the limit when it comes to handling rich media, animations, and time.”
InVideo was launched in April 2019 by Shah and Harsh Vakharia who first worked together on a startup that created 10-minute video summaries of non-fiction books. The startup offers a video creation experience for amateurs and professionals alike. It combines video editing and compositing in a browser-first solution, increasing accessibility, removing rendering time, shortening feedback loops, and making the process more inclusive.
Since launching a year ago, the platform claims to have generated over 800,000 users from more than 150 countries who have created videos in over 75 languages. InVideo is a freemium product with paid plans starting at $10 a month. It counts P&G, Dropbox, Reuters, and ATT as its users.
“We believe the global SaaS companies of tomorrow are going to be built from India. And with their stellar product, design and tech capabilities, InVideo is well-placed to become the platform of choice for video creation in a potentially $10 billion market,” Prateek Sharma, VP, Sequoia Capital India LLP.
InVideo was part of a second cohort of Sequoia’s accelerator programme Surge, which shortlisted 20 startups from across Southeast Asia and India. Other investors in the startup include Haresh Chawla, Kunal Bahl, Ashish Hemrajani, and Miten Sampat.