90 Seconds set to take on world
Kiwi video technology developer 90 Seconds will double its staff and open new offices in the United States, Europe and Asia after raising $11 million from new investors, says founder and chief executive Tim Norton.
US venture capital firm Sequoia, through its Indian arm, led the private funding round and New Zealand’s Sky Television also chipped in.
AirTree Ventures, based in Australia, and Beenext completed the investor group alongside Oleg Tscheltzoff, the founder of image bank website Fotolia.com.
The company’s cloud-based platform allows 90 Seconds’ clients, which have included Visa, Barclays and Sony, to plan, edit, review and purchase video content anywhere in the world.
Users can access a marketplace of 5000 creative professionals in more than 70 countries ranging from videographers, directors and editors to photographers, animators and drone operators.
Norton says the funding round takes the total 90 Seconds has raised since its 2010 launch to around $13 million.
He said the latest capital injection gave the firm “a real shot at positioning the company globally”.
“There’s going to be a lot of competition in this space and a lot of heat around business models.”
The company had 68 full-time staff across offices in Auckland, Sydney, Singapore, Manila, Tokyo and London.
“I’d imagine we’ll double the staff numbers on this investment across the full range of activities,” said Norton, who holds a roughly 22 per cent stake in the firm.
New offices would also be opened in San Francisco, New York and Hong Kong, as well as a European operation in either Amsterdam or Berlin.
“Those bases will be set up in the next six months,” Norton said.
He said 90 Seconds’ revenue had grown about 300 per cent in the past 12 months and the firm, which was hovering around break-even, was now posting annualised sales of roughly $20 million. “We’ve got a pretty strong month-on-month growth curve.”
Sequoia Capital vice-president Pieter Kemps said 90 Seconds had created a unique technology platform. “This has enabled them to build a fast-growing and rapidly scaling model,” Kemps said.
California-based Sequoia has invested in many of the global heavyweights of technology, including Apple, Google and Airbnb.
Norton said 90 Seconds would eventually carry out an initial public offering, possibly in New Zealand, or look to be acquired by a trade player.
• Launched in 2010.
• Cloud-based platform used for planning, editing, reviewing and purchasing video content anywhere in the world.
• Provides access to a marketplace of 5000 creative professionals in more than 70 countries.