A Brisbane-founded company that brings easy-to-use video editing to the masses has raised $1 million in a seed round led by entrepreneur Steve Baxter, known for his role on the hit show Shark Tank and co-founding PIPE Networks.
Launched in April last year, Clipchamp has 6.5 million registered users worldwide, including team members from companies such as Google, Tesla, Sony, Microsoft and Deloitte.
Described by Baxter as "Canva for video", in honour of the Sydney tech unicorn that democratised graphic design tools, Clipchamp will use the new funds to accelerate growth of its video editor 'Create' while supporting new hires in Brisbane as well as planned international expansion.
According to Clipchamp, 'Create' allows users to make high-quality videos without the need for expensive equipment, complicated software or video production experience.
Helping users add elements such as transitions, filters, motion titles and effects to their videos without needing to pause playback, the program also grants users access to a stock footage library of thousands of videos, music and audio files.
The innovation has seen its revenue grow by 20 per cent month-on-month over the last year.
"It's no secret we've been chipping away at Steve for some time, so we are thrilled to have him on board now that we've surpassed the key performance indicators he previously set for us," says Alex Dreiling (pictured), who co-founded Clipchamp with Soeren Balko, David Hewitt and Tobi Raub.
"As our user base grows and Clipchamp's sphere of influence continues to know no bounds, we are excited to have someone like Steve in our corner, helping to bring our vision to life."
Dreiling emphasises creating videos need not be an intimidating or overwhelming experience, which is important as the format becomes increasingly valuable and relevant for businesses big and small.
"Clipchamp is empowering anyone and everyone to create something they didn't believe they could do themselves," he adds.
The fresh injection of capital follows $1.65 million in initial funding previously raised from Queensland University of Technology's innovation, venture and investment arm, Bluebox, as well as Australian and German angel investors.
These funds enabled the development of Clipchamp's earlier products as well as the evolution of the 'Create' platform.
"I've kept my eye on the Clipchamp team over the years because I've always respected the founders and founding story and am impressed by the way the company has pivoted to arrive at an exceptionally strong, core tech product," says Baxter.
"Clipchamp's user and revenue growth across the last 12 months has proved too enticing to ignore. I am not being overly ambitious when I say that Clipchamp has real potential to become 'the Canva for video.'"
Business News Australia