Cloud-based Kiwi company on investment high
One of the world's biggest technology investment companies, which has put money into Apple and Google, has now taken a stake in a small Kiwi start-up that specialises in making online videos.
90 Seconds TV has built a cloud-based video production platform that gives access to camera operators in 70 countries and an online review system as the video is being made.
The company's founder and CEO, Tim Norton, says 90 Seconds TV has raised $11.4 million, and Sequoia Capital's branch in India is the lead investor.
"They go out of their way to pick companies that they can push to the next level," says Mr Norton. "They understand the global market."
Mr Norton says brands are shifting to online, and video has become the primary marketing tool.
"Video has a high conversion rate to sales, and brands want it large-scale and affordable and global."
Brands like British bank Barclays, Microsoft, Delta Airlines and online e-commerce specialist PayPal have commissioned videos using 90 Seconds TV.
Mr Norton quotes figures from eMarketer, which estimate content, video and social marketing industries to be worth $118 billion.
The company currently has 68 staff in five countries, but is planning to use the new capital to open five to six more offices.
"We have built the company on $2 million in the last five years, so with Sequoia on board we can now keep funding the company. We have grown 300 percent and are almost at break-even, so with the funding we can realise the dream."