Animoto, a New York City-based online video creation service, has completed a $25m financing.
The round was led by Spectrum Equity Investors, with participation from existing investors Madrona Venture Group and Amazon.com.
The company intends to use the new funding to expand its service.
In conjunction with the investment, Ben Spero, Managing Director for Spectrum Equity Investors, will join Animoto’s Board of Directors.
Led by CEO Brad Jefferson, President Jason Hsiao and CTO Stevie Clifton, Animoto enables consumers, professionals and businesses to create and share professional-quality videos. The company’s team includes entertainment and technology industry veterans.
In 2010 the company launched a new version of its video creation service, introduced HD capabilities, updated its iPhone application and created a partner platform that enables third parties to include the service within their own software, web or mobile products. The Animoto API is used by Kodak Gallery, American Greetings’ Webshots, Aviary and others.
The company also has offices in San Francisco and Singapore.
FinSMEs
29/06/2011