SaaS-based video editing platform VideoVerse recently raised $46.8 million in a Series B round of funding from A91 Partners, Alpha Wave Global, and Binny Bansal. The platform has been making rapid strides and growing rapidly through the pandemic and the post-pandemic phase.
Speaking about the recent fundraise, Vinayak Shrivastav, CEO and Co-founder, VideoVerse, says the company was built with the vision of solving simple video editing problems and creating a video editing ecosystem.
“The current fundraise is just a validation and a strong testament to what we have been building for the last five years,” he says.
VideoVerse is currently focused on the US and European markets, and aims to expand sales operations over the next 12 months.
“With the latest fundraise we are going to actively go and hire more people in the US and European markets,” Vinayak says.
Riding the wave
In terms of key growth drivers, Vinayak says a lot of changes were brought about by the pandemic as more people started consuming short-form content.
“We really got the push that we needed in 2020, and the time is now right to ride the wave and grow quickly,” he says.
VideoVerse’s current priority is to grow not only their core enterprises but also the B2C products launched in 2021 and upcoming new launches in 2022.
Vinayak shares that the company has stayed profitable for the last one year and intends to continue being profitable this year as well while expanding into foreign markets.
“We have set ourselves a target of trying to do at least 200-300 percent by the end of this year [as compared to] last year’s revenue,” he says.
VideoVerse has drawn up a three-year plan as the market has changed significantly and will keep evolving in the future. The idea is to grow at least 100 percent year on year for the next three years.
On fundraising, Vinayak shares that the team wants to make sure that the capital that the company has recently raised is sufficient to grow the business significantly before the next round of funding.
“If we are able to continue staying profitable, I don’t think we will require another round of funding.”
