New Zealand-based cloud video production platform 90 Seconds secured $7.5m yesterday in a series A round featuring broadcaster Sky TV NZ.
The round was led by Sequoia India, a subsidiary of venture capital firm Sequoia Capital, and included VC firms Airtree Ventures and Beenext, and Oleg Tscheltzoff, founder of microstock photography agency Fotolia. Sky TV NZ is a separate entity from the UK-based media company of the same name.
Founded in 2010, 90 Seconds has built a collaborative cloud-based platform incorporating video workflow tools and a marketplace of video creators and technicians, enabling businesses to buy, plan, shoot, edit or review video content online and on mobile devices.
The capital will support product development and an expansion into new markets in Asia, the US and Europe. The company plans to open offices in San Francisco, New York, Hong Kong and Berlin over the course of 2016.
The round follows an undisclosed amount of funding provided by Opt SEA, the corporate venturing arm of digital marketing company Opt, in 2013 and ¥60m ($550,000 at current exchange rates) from investment firm Jafco in February 2015.