Kitchener-based Vidyard, a startup that provides online video hosting for businesses, has received a $15 million funding from BMO Technology and Innovation Banking Group. The startup has raised more than $60 million in funding to date. Earlier Redwoods Media raised $1.65 million in 2011.
Vidyard aims to help businesses generate more leads and connect with customers by creating, hosting, optimizing, and measuring their online video content through its video hosting platform.
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“Video is becoming a game-changer for marketing and sales, and we will bet big on video enablement in the years ahead,” said Deeter. “Businesses will need to invest in a Video Marketing Platform to fuel the success of their marketing and sales efforts, and Vidyard is leading the way in both product innovation and customer value.”
Vidyard declared that it’s powering HubSpot’s video solution, which provides services like video hosting, in-video call-to-actions and forms, video analytics, and personalized video messaging.
Earlier in 2019, the startup bounces up a pricing model with innovative “reverse freemium”, Vidyard announced major updates to its free video messaging and screen recording app, Vidyard GoVideo. Vidyard started a free option for customers in an effort to bounce up the standard SaaS pricing model in September 2019.
“I’m proud to say that we’ve built the Video Marketing Platform category and the best tools for businesses to generate more revenue through the strategic use of online video,” said Michael Litt, Co-Founder, and CEO of Vidyard. “This latest round of funding combined with the momentum we’ve seen in the past year – including more than tripling our revenue and employee base – further validates that video marketing has become a critical function within both B2C and B2B organizations.”
Vidyard also traces which videos best resonate with audiences and influence the biggest amount of revenue, It’s helping marketers optimize their finances and make quicker decisions.
“Vidyard has established the leadership position in one of the most exciting and fast-growing enterprise technology markets,” said Kevin Kimsa, Managing Director at OMERS Ventures, which also invested in Vidyard’s Series A round. “Video has a bright future in enterprise sales and marketing, and Vidyard is the company that will make sure it delivers real business results.”
The funding is given to support product development of its digital platform and to help with global expansion, acquisitions and mergers.
Source: Vidyard Blog