Getty Images has led a USD16 million Series B funding round in Promo.com, the video creation platform for businesses, building upon the existing strategic partnership with the company. The fundraise also included debt financing from Mizrahi Tefahot Bank (UMTB-Tech).
Promo.com helps businesses easily meet the video demands of the online world where 86 per cent of businesses currently use video as a marketing tool.
The investment will accelerate the next stage of Promo.com’s growth as an end-to-end video content creation platform across ideation, creation, publishing and analytics. Promo.com will use the funds to accelerate its global expansion and launch new content creation and data analysis tools, including mobile.
The expanded partnership between Promo.com and Getty Images provides Promo.com’s 2.5 million business users with access to over 100 million premium video clips and images to create unique marketing videos and digital content using Promo.com’s platform.
Promo.com will focus on expanding its engineering team as well as strengthening its senior leadership team to help execute on the evolution of its platform and the next stage of growth, including through the appointment of a Chief Marketing Officer.
Getty Images joins Benson Oak, a leading venture fund focused on e-commerce and the Passion Economy, on the Promo.com shareholder list. Benson Oak has to date invested USD12 million in Promo.com.
The strategic partnership and investment builds on Promo.com’s momentum which has seen its video app for Shopify growing to become the number one video app in the marketplace and with new agreements signed with Automattic to develop video apps for WordPress and WooCommerce.
Tom More, CEO of Promo.com, comments: “We launched Promo.com to help businesses grow online, by making great marketing content and tools accessible and affordable. This new phase of our partnership will enable our user community to market themselves in even more creative and ground-breaking ways, utilising the depth and breadth of Getty Images’ and iStock’s content.
“We can’t wait to see what our customers do with the added content that is now at their fingertips and newcreation tools that will be added to our platform!”
Craig Peters, CEO at Getty Images adds: “Video is increasingly important to businesses of all sizes and the Promo.com team are enabling small businesses to easily create powerful videos to drive their growth. Enabling visual communication is a shared goal and we are excited to expand on our relationship.”
Robert Cohen, Managing Partner at Benson Oak, states: “We have been investors in Promo.com since its launch, and have witnessed first-hand the incredible creativity of Tom More and the entire Promo.comteam as they have effectively created an entire new industry to enable SMBs to promote themselves through video.
“With the expected immense growth in e-commerce and the Passion Economy, we are very confident that Promo.com will be at the forefront of the new wave of Israeli start-ups such as Wix and Fiverr servicing SMBs on a global scale.”
