Brisbane-founded video platform Clipchamp recently announced it had raised a $1 million seed round led by well-known entrepreneur and investor, Steve Baxter, who has dubbed the fast-growing company, ‘the Canva for video.’
Clipchamp will use the funds to accelerate the growth of its video editor ‘Create’ across a diverse customer base (including SMEs and mid-large corporates, educational organisations, solopreneurs, influencers and creatives) as well as to make key hires for its Brisbane-based headquarters and continue to expand internationally.
The fresh injection of capital adds to the $1.65 million of initial funding previously raised from Queensland University of Technology’s innovation, venture and investment arm, Bluebox, and Australian and German angel investors, which enabled the development of Clipchamp’s earlier products as well as the evolution of the Create platform.
What does the platform do?
Create allows real-time interactive editing, meaning users can add their media files and video elements such as transitions, filters, motion titles and effects, without needing to pause playback of their video.
The video editor also grants users access to a stock footage library of thousands of visually stunning, ready-to-go videos, as well as thousands of music and audio files.
Clipchamp has 6.5 million registered users worldwide, including team members from companies such as Google, Tesla, Sony, Microsoft and Deloitte, and has grown its Create revenue by 20 per cent month-on-month over the last year.
What does the funding mean for the startup?
Co-founder and CEO of Clipchamp, Alex Dreiling, said: “It’s no secret we’ve been chipping away at Steve for some time, so we are thrilled to have him on board now that we’ve surpassed the key performance indicators he previously set for us.
“As our user base grows and Clipchamp’s sphere of influence continues to know no bounds, we are excited to have someone like Steve in our corner, helping to bring our vision to life.
“Creating video does not have to be an intimidating or overwhelming experience, which is extremely important to be aware of as the format becomes increasingly valuable and relevant for businesses, big and small, across numerous areas, including marketing, learning and development, internal communications as well as customer communications and support.”
“Clipchamp is empowering anyone and everyone to create something they didn’t believe they could do themselves,” Mr Dreiling added.
What prompted the investment?
Entrepreneur, investor and ‘Shark Tank’ star, Steve Baxter, who has also joined the Board of Clipchamp, commented: “I’ve kept my eye on the Clipchamp team over the years because I’ve always respected the founders and founding story and am impressed by the way the company has pivoted to arrive at an exceptionally strong, core tech product.
“Clipchamp’s user and revenue growth across the last 12 months has proved too enticing to ignore. I am not being overly ambitious when I say that Clipchamp has real potential to become ‘the Canva for video.”