Showbox raises $8MN in Series A funding
DetailsMichelle Clancy | 17 July 2015
Video production provider Showbox has announced a Series A funding round of $8 million.
Showbox offers an all-inclusive process combining show formats, rich content libraries and management tools, accompanied by director instruction. Users can drop content into the Showbox formatting toolbox, customising their formats and saving them within the platform. The company said that it can create an episode in under ten minutes.
The product features automatic footage and audio enhancements, advanced virtual background replacement without the need for a green screen, and offers access to free content provided by major databases like Getty Images, Reuters and others.
"Current video solutions are either too basic or too expensive, and geared solely towards professionals," said Effi Atad, CEO and co-founder of *** Showbox. "Showbox is the only platform that makes video production accessible by creating a DIY platform that simplifies the entire production process while still offering a professional grade result. Individuals and businesses alike are looking for a scalable mechanism to produce creative video content, from publishers posting weekly magazines to bloggers publishing daily – Showbox answers this need."
Investors include former CEO of AMEX Travel, Charles Petruccelli; chairman of IMAX Brad Wechsler; Wix co-founder Giora Kaplan; and TPG partner Karl Peterson.
The company has been operating in stealth mode for the last two years and will utilise the funding to continue product development and drive market penetration.
"As native video content becomes the standard in social media beyond its already wide use by millennials for self-expression, consumers are growing increasingly unwilling to engage with traditional advertising – and brands of all types will need to adapt. Showbox empowers these brands – and their communities – to elevate their engagement by effectively tapping into the power of high quality, creative video content, without the need to spend a fortune. Brands and influencers have powerful messages to deliver and Showbox is giving them a platform that matches the quality and power of their unique voice."
The platform uses freemium model that allows users to access more advanced services for a fee as their needs grow.