NEW YORK — Social video creation platform Wochit announced it has raised $13 million in funding, with investment from ProSiebenSat.1 Digital, Singapore Press Holdings’ SPH Media Fund, Carlo de Benedetti and several existing investors including Redpoint, Marker LLC and Cedar Fund.
The funds will be used to further enhance Wochit’s technology and to expand its business with publishers and content creators worldwide.
Media brands such as Time Inc., Daily News, USA Today, Gannett, AOL, The Week, ProSieben, Singapore Straits Times, Die Welt and Der Spiegel use Wochit to produce short-form videos around trending topics at the scale and speed required in the video-first, mobile era.
The investment from existing customers, each representing dozens of brands, is a testament to the strategic value of the Wochit platform, which supports rapid, cost-effective production of timely, socially-optimized video. By empowering storytellers with intelligently-applied automation and the largest library of pre-licensed assets, Wochit ensures quality results for publishers seeking a cost-effective video solution.
Says Wochit co-founder and CEO Dror Ginzberg, “I’m proud that such esteemed media organizations value the impact Wochit is having on the industry to a degree that they are taking a stake in our continued growth. We’re confident that this investment will give us the ability to continue to drive results for our current partners and broaden our client base into new markets around the world.”