The ‘world’s simplest video maker’, Biteable raised $2.8 million and it is dubbed as the ‘canva for videos’.
The series A investment was led by Tank Stream Ventures and Microequities Venture Capital Fund.
Biteable is an online video maker that helps businesses or anyone with their video needs like infographics, ads, explainer videos, presentations and even animations.
The Australian tech startup was founded in 2014 and has achieved massive growth over the last year, from 1 million to 3 million users.
The funding will be used to drive further global growth of the platform and also triple its headcount to a team of 75 over the coming months.
Following the investment, Justin Lipman of Microequities Venture Capital Fund will join the
Biteable board of directors, currently composed of the founders and Rui Rodrigues, Managing Partner at Tank Stream Ventures.
Lipman believes the business has the potential to dominate the growing global market for on-demand video production.
“In the same way that Weebly and Canva have democratised the creation of websites and design collateral respectively, Biteable is driving down the barriers to do-it-yourself high-end video production,” Lipson said.
“Biteable is becoming a key enabler for modern B2B marketers who rely on studio quality video storytelling to stand out in an increasingly content saturated marketplace.”
Rodrigues vouched for the Biteable team saying “they’re one of those exceptional teams who managed to exceed everyone’s expectations building what is now a truly global video platform.”
Both investment firms have pretty incredible portfolios as well.
Microequities invested in Fergus, a tradie job management platform and Outfit which is a marketing tech startup, and both are ones to watch.
Tank Stream Ventures‘ investments include Pocketbook, the personal budget finance software, and Equitise which is a crowdfunding platform.
Biteable for all
With more than 4 million videos created via the Biteable platform to date, CEO James MacGregor credits their growth and success to its affordability and fun factor.
“Biteable was created to make high-end, studio-quality video storytelling available and affordable to everyone and make the whole process fun,” he said.
And indeed the platform is affordable. It offers a freemium model or a subscription option of US$ 99 per year.
This is definitely a draw for many startups as they might be struggling to find a full team of creative to create engaging content.
Biteable is built for everyone; they focus on servicing small and medium-sized businesses while major brands use the platform as well.
This is because they are staying true to their vision of making premium motion design affordable for all. And we love that so much because it shows that they care.
MacGregor believes that video is increasingly regarded as core to the essential suite of digital assets required by every business.
“Video is the new king of content, and we’re keen to show businesses how Biteable can help them level up and achieve bottom-line results. We want to continue solidifying Biteable’s position as the world’s leading on-demand video production software,” he told Financial Review.
To be the world’s leading on-demand video production software, they need to get bigger as a team, and as mentioned, they are expanding.
With offices in Hobart and Melbourne, and remote staff working across four continents, flexibility and lifestyle options are a priority for Biteable and its growing team.
“We want to make the best product we possibly can,” says MacGregor, “and we believe the way to do that is to have happy, creative people who believe in what they’re doing and actually enjoy coming to work.”
We caught up with James and talked about what’s happening in the near future.
What can users look forward to in 2018?
Probably the biggest change this year is we’re really heavily focusing on producing even better content people can use in their Biteable videos.
We just opened a studio in Melbourne and are hiring an army of amazing motion designers, animators and illustrators that just make content for our users. The reason this is important is the better the video the better it actually works for the customer.
Are there any plans to expand overseas?
For 2018 we’re focusing on building out our team in Australia and continuing to grow our customer base globally but mostly across the US and Europe.
Next year we plan to focus on expanding the team globally and targeting growth in other regions that require a more tailored approach.
Biteable will make up to 50 new hires this year across development, design, marketing and copywriting to grow their talented and passionate team.
So get ready your resumes.