VidCrunch obtains a $2.5 million credit facility for ts Smart Video Producer technology
The debt facility will enable VidCrunch to expand its global sales team, enhance its engineering resources, and continue its ongoing investments in product development, content curation and creation for its publisher portfolio.
VidCrunch, a leading web and app video content-based monetization provider and a Google MCM Partner, announced today that it secured a multi-million-dollar financing facility from Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, to expand the company's global sales team, enhance its engineering resources, and continue its ongoing investments in product development, content curation and creation for its publisher portfolio. The investment provides additional layer in the company financing, on top of $2.0 MM already secured by prominent Silicon Valley angels.
The Miami-based technology company develops and markets its Smart Video Producertechnology, which automatically curates and publishes video content for web, app and CTV publishers.
Oded Pelled, VidCrunch's Executive Chairman said: "VidCrunch saw tremendous success in APAC and Europe, serving premium publishers like CNN Philippines, Manorama Online, GMX.net, Web.de, Mail.com and others. Because of our investments in monetization technology, content curation and our Multiple Customer Management (MCM) partnership with Google as well as other SSP and DSP partners (including Comcast, Verizon, PubMatic, and Unruly) and Agencies, we are growing our business at rates much higher than the overall industry. These solutions ensure we stay ahead of the increasingly complex needs of both our publishers and advertisers. We found a great financing partner to work with in SVB. Their clear understanding of the ad tech industry makes them an ideal partner to grow with, enhancing our presence in Europe, APAC and the US."
Josh Mackey, Vice President, Silicon Valley Bank, said: "We're pleased to provide this credit facility to VidCrunch as the Company continues to expand to more publishers in more territories with an exceptional retention rate. Our goal is to provide the Company with the right financing, connections and global services it needs to be successful."
VidCrunch, builds technology that creates engaging bespoke content at scale for websites and apps. The company developed a content advertising technology that helps sites keep audiences longer and consume more of the site's content. VidCrunch solutions drive user engagement, retention, and increase revenues for global digital publishers across verticals from news, sports, food, and DIY to ecommerce shops and even DTC brands. Learn more at VidCrunch.com
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international, and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.