VC firm Sequoia India has led a $7.5 million Series A funding round in New Zealand-headquartered cloud video production platform 90 Seconds. Other investors who participated in the round include SKY TV NZ, Airtree Ventures, Beenext and Fotolia founder Oleg Tscheltzoff. The raised funding will be used by the company to accelerate its global expansion plans.
It plans to increase the number of creative freelancers working for it in India to over 500 from the current 300 in the next six months. The team will be spread out across Mumbai, Delhi, Hyderabad and Bangalore.
Founded by Tim Norton, the 90 Seconds is the cloud video production platform, allowing brands to purchase, plan, shoot, edit and review video anywhere in the world, online and on mobile. Launched in 2010, the company has worked with more than 1000 brands including Barclays, PayPal, Visa and Sony to produce high quality, fast, easy and affordable video content. To date, over 10,000 videos have been produced in 70 countries.
90 Seconds claims to have achieved 300% growth in revenue in the past twelve months. The company is opening new offices in San Francisco, New York, Hong Kong and Berlin in 2016.
Sequoia India has earlier invested in ventures such as Indonesian eCom venture Tokopedia and Scandinavian mobile internet startup Truecaller. In 2015, it led an investment round of $9 million in Taiwanese startup Pinkoi, an e-store for designers to sell their wares.
This year, Sequoia India has raised its largest India-focused fund of $920 million as it looks for early- and mid-stage investment opportunities.
90 Seconds competes with Yogurt Labs which raised Rs 72 lakh in convertible notes from a clutch of investors in 2015 and Vliv secured seed funding from Mumbai Angels and a group of executives in December 2014.
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