Queensland startup Wrappt has been awarded $200,000 in Advance Queensland’s latest Ignite Ideas funding round, with a plan to help businesses revolutionise the way they create video.
The announcement is a milestone win for the Brisbane-based video tech company, beating out dozens of businesses to secure the limited funding available. It’s the second time Wrappt has received funding through the program, after being granted $100,000 in an earlier round in 2019.
The grant will allow Wrappt to continue driving innovation in video production and marketing technology to help business customers adapt and transition to a post-COVID world, where engaging content, user-friendly technology and speed to market is critical.
What does this funding mean for Wrappt?
Wrappt Co-founder and CEO Ryan Miller said the funding came just in the nick of time, with the company experiencing accelerated growth as a result of the COVID-19 pandemic.
“After the initial shock of the Coronavirus shutdown wore off, we became inundated with customers – both existing and new – clamouring for assistance to become fully video-enabled without having to spend money that just wasn’t available,” Miller said.
Much the way Mailchimp is the holistic e-marketing solution and Canva the DIY design platform, Wrappt is the end-to-end video production solution that now has the financial backing required to go to the next level and help businesses to integrate video much more broadly into their marketing approach.
An ongoing funding initiative, Ignite Ideas supports promising startups and small to medium enterprises in commercialising innovative products, processes or services.
“The funding is a boon for us in so many ways. Not only is it going to allow us to scale our existing offering into new markets, but it also means we can fast track the release of some critical new products to deliver a more integrated, end-to-end experience for our customers,” Miller said.
“We’re looking to further reduce the cost and shorten the turnaround time of quality video production, but we’re really aiming to tackle the complexity of producing, delivering and managing video content across an entire business.
What exactly does Wrappt do?
Wrappt is a cloud and smartphone based platform that gives teams the tools and resources to film quality content using their phone and have it edited professionally within 48hrs – for as little as $90 a video. Launched in June 2019, the company boasts a growing portfolio of more than 80 Australian and international brands, from schools, e-learning and not-for-profits through to e-commerce, franchise and large corporations.
Miller said the company was launched after four years of customer trials and research that identified widespread demand for a sustainable, end-to-end video production solution that didn’t rely on expensive equipment, video agencies or lock-in contracts.
“Wrappt is rapidly becoming the video ‘engine room’ for larger organisations. Video was already becoming increasingly critical for brands, but the remote working situation caused by COVID-19 spurred a lot of organisations into speeding up the process of integrating it more permanently into the marketing toolkit,” he said.
“At the same time, Wrappt levels the playing field for smaller businesses, helping them punch above their weight with the content they create. Traditionally, video has been cost-prohibitive for so many organisations, yet now with a smartphone and $90 our customers can create quality video content that will boost their marketing impact.”
Businesses and marketing teams interested in taking control of video and scaling it across their organisation can find out more at wrappt.com.