Startup online video editing platform WeVideo, which started out its life as an educational tool for school children in Europe, has landed $19.2 million in a Series A funding round.
The fundraising round, led by Crest Capital Ventures of Houston, will be used to help the company gain more of a global audience, a company statement noted.
Founded in 2011 by Norway-based Inspera, WeVideo allows users to collaborate on projects. The platform includes a social aspect, and is available for mobile users (Android tablets, for the moment), too. It has a free version, but charges up to $60 a month for heavy use.
The Sunnyvale, Calif.-based company has scored a number of significant product and partnership wins in recent months, including its integration with YouTube, a commercial product launch, a partnership with the Qatar Foundation International, and the development and launch of a power video editing app for Android tablets.
"We believe WeVideo's unique technology makes it well-positioned to define and lead a new business space," said Jason Woods, president of Crest Capital Ventures.
Jostein Svendsen, WeVideo co-founder and CEO, in January said the company's goal was to become the "most widely used video-editing system in the world."
The funding, he said, will give it a significant leg up toward that goal.
"Of all our recent announcements this may be our most significant, as it helps us to realize an ambitious roadmap and partnership program to establish the world's leading platform for online video editing and creation," he said.
- see this release
Online video-editing startup making a big splash