Media brands invest $13 million in Wochit28 October 2016
A collection of media brands have invested a total of $13 million in social video creation platform Wochit.
Investors include ProSieben, Singapore Press Holdings’ SPH Media Fund, Carlo de Benedetti and several existing investors including Redpoint, Marker and Cedar Fund.
Wochit co-founder and CEO Dror Ginzberg said, “I’m proud that such esteemed media organisations 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.”
The funds will be used to enhance Wochit’s technology and to expand its business with publishers and content creators.
Investor and publisher Carlo de Benedetti said, “I believe that a bright future for publishers and media companies is possible. We need to adapt our offerings to meet the wants and needs of audiences.
“Wochit is an invaluable company emphasising video-based storytelling and giving publishers a powerful tool to make an historically resource intensive proposition into a user-friendly, cost-effective one.”