Member Article

Media giants back social video platform Wochit to the tune of $13m

Social video creation platform Wochit, which has its European headquarters in London, has announced it has received $13m (approx. £10.6m) in funding from a coterie of media giants and investors.

German media giants ProSeiben along with Singapore Press Holdings’ SPH Media Fund have both contributed to the eight-figure investment round, with additional funding from Italian industrialist Carlo de Benedetti and several existing investors.

Wochit’s video creation platform, which allows brands to rapidly produce socially-otimised video content, is already utilised by the likes of Change.org and Time, with existing customers also contributing to this investment round.

Wochit co-founder and CEO Dror Ginzberg, commented: “I’m proud that such esteemed media organizations value the impact Wochit is having on the industry to a degree that they are taking a stake in our continued growth.

“We’re confident that this investment will give us the ability to continue to drive results for our current partners and broaden our client base into new markets around the world.”

The media firm plans to use the funding to expand its technology offering and will look to expand its reach amongst publishers and content creators worldwide, with SPH’s investment in particular underlining the firm’s growth in Asia.

Jens Doka, Chief Product Officer, ProSiebenSat1 Digital, said: “The proliferation of content platforms has resulted in an incredible demand for video.

“With Wochit, ProSiebenSat.1 is able to produce video content at the scale needed to address this growing need, even providing tools to help deliver that content in the right format for each distribution channel.”