Online video platform Biteable, A startup that makes it easy to create polished and professional videos using templates and a library of pictures and animations, has raised $ 7 million in Series A funding led by cloud app Capital Partners. The service today competes with products from Vimeo, Canva, Adobe and others, but focuses on creating video assets that have more staying power than temporary social videos.
Such videos are more in demand than ever, as is the epidemic. Increased use of video communication – Specially Among small businesses – which has also helped Biteable grow, the company says.
“[The pandemic] Moved to an already happening video, ”noted BitWable CEO Brent Chudoba, who joined the company late last year. “It helps products like Zoom and Loom, obviously. We saw an advantage, as well. I think, in fact, we will see an even greater benefit over time because companies are now used to working and sharing messages remotely, and they use to be more creative in distributing information. Are, ”he says.
The startup itself was originally co-founded in 2015 by CTO in Hobart, Australia Tommy photo, Simon westlake, And James macgregor. Fotak had a background in software development, while Westlake had experience in animation and studio production. McGregor, who has a software, product and marketing background and previously worked at BigCommerce, is the chief product officer of BitTable.
The team was initially working on independent projects for those in need of advertising and interpretive videos, which led them to realize an opportunity in the video production market. He believed that there was a demand for a video-making product that simplified many decisions when making videos. That is, what they wanted to do for video production is what Squarespace, Wix and others did for website creation.
Chudoba is keen to bring in the company as a CEO as a result of joining the company more recently, increasing freemium software productivity businesses with more experience. Prior to Biteable, Chudoba worked in private equity, was an early SurveyMonkey employee (CRO), and also spent time at PicMonkey (COO), Thrive Global (COO and CFO) and Calendly (Head of Business Operations).
While Chudoba acknowledges that bitboy is not without its competition, he sees it as a positive thing. This means that there is an opportunity in the market and it gives BitBoy an opportunity to stand out from the others.
On that front, BitBill customers tell him that the product provides a good balance between the amount of time and skill they have and the quality of results.
“They can produce results they are very proud of and do what they think they can do – not necessarily little effort – but without training, skills and design background,” says Chudoba.
Above: A BitTable Exclusive Video made with BitTable.
Customers also appreciate the sizable content library, which includes stock photography, stock video footage and a combination of hundreds of animations and scenes. Bitable license content from Unsplash and Storyblock, while its animation library and Templates Designed by its professional design team in house. This allows the company to release hundreds of views per month, keeping library content fresh and current.
Unlike some other products on the market, for example, social videos such as Instagram stories are not on “Quick Hit” social videos. Rather, it focuses on assets that companies use and reuse – such as video interpreters for businesses, online marketing and advertising, videos that appear on product pages, and more. Its videos are also between 30 seconds and 3 and half minutes.
Already, Bitbill has used its service to individuals from companies such as Amazon, Microsoft, Google, Disney, Salesforce, BBC, Shopify and Samsung, although it has no official contract with these large businesses.
Above: A BitTable Recruitment Video Template
Today, the startup generates revenue through a freemium business model that includes many Membership plans.
A free plan for individual users provides access to a suite of tools for video creation, including 1.8 million images, clips, and animations within the BitBoy library. However, the free videos are watermarked with the bittable’s branding. The $ 19 per month plan for single users removes the watermark and allows you to add your own, and provides commercial use rights such as HD 1080p resolution and other features. Professionals pay $ 49 per month for shared editing and use by projects and unlimited team members, and more. Custom pricing plans are also available.
Combined, BitBoy’s free and paid users total over 6 million. They make about 100,000 unique videos per month, and that number almost doubled during 2020.
The new $ 7 million round announced today was led by new investor Cloud Apps Capital Partners. Existing investor Tank Stream Ventures also returned for the round and was joined by both new and existing angel investors. Overall, Bitbill has exceeded $ 9 million (USD) to date.
With the additional funds, Biteable aims to develop and continue the product.
Another change attributed to the epidemic is that people have warmed up for remote work. Readable was already a remote-first operation whose team of 46 is geographically distributed throughout Australia, the United States, Canada and Western Europe. Now, Bitbill no longer has to convince people that remote work is the future – and it also helps in hiring talent.
Chudoba believes that Biteable can become a big company over time.
“Video is a stage concept and so I think you can build a very big standalone company,” Chudoba says. “We are a freemium model so that the customer has a low cost. It is a high value service and it can be very sticky when you involve teams.
“The power of online video has been incredible, and the events of 2020 have accelerated the adoption trend that otherwise would have taken five or more years to develop,” Matt Holleran, general partner noted Cloud Apps Capital Partners, In a statement about his firm’s investments. “As a firm, we look for outstanding businesses in high growth industries with excellent teams that can help us reach the next level. At BitTable, we look at all three of those elements and are incredibly excited to partner with Brent and are excited with the BitBell team on this next chapter of development, ”he says.