Soona, a Denver (United States) based company that helps organisations create quality photos and videos to promote their brands, has announced on 16th April 2021 that it has raised US$ 10.2 million in its series A funding round. The round was led by Union Square Ventures.
Investors: Union Square Ventures is a New York based venture capital firm that was founded in 2003 by Brad Burnham and Fred Wilson. It primarily invests in the internet world focusing on companies that have the potential to drive tomorrow’s markets. Since 2003, as it claims, it has invested in more than 100 companies that use the power of the internet to reshape markets. Its portfolio includes companies such as SmartHop, Jam, Headgum, Otis, Helium and more.
“Soona’s technology solves for the missing piece of the e-commerce stack. There is a huge opportunity to meet the demand of e-commerce brands as this category continues to grow. Soona has already achieved exceptional organic growth and high customer retention, and we’re thrilled to support this team.”—Rebecca Kaden, managing partner at Union Square Ventures.
Purpose of investments: The current round brings the total funds raised to date by Soona to around US $ 18.5 million. The funds from the latest round will help Soona to develop a subscription product with more tools and data that help determine what makes visual content effective.
Soona was founded in the year 2018 by Elizabeth Giorgi and Hayley Anderson. As mentioned earlier, it helps organisations create professional and qualitative photos and videos to promote their brands.
With the rise in e-commerce based companies, so arose the need to be able to create captivating visual content that drives growth using social media and the internet. Soona was originally launched as a studio that helped companies stage shoots to create photos and videos within 24 hours. However, with pandemic wreaking havoc everywhere, Soona scaled up its business model to deliver the same service in a virtual/remote manner.
Now, companies have the option to ship their products to Soona and get their shoots done remotely. In this model, companies will be able to review the shoots and give real-time feedback. In the end, they are only asked to pay for the photos and video clips that they deem suitable.
Soona has been experiencing exceptional growth over the years. It has so far catered to more than 4000 customers and its revenue grew by 400% last year. With the current round of funding, it will seek to continue in that direction.
What the co-founder has to say:
“We’re using technology to scale creativity and making high-quality content accessible to all brands through our shoppable and interactive interface. By leveraging our proprietary technology, we are helping clients eliminate the physical and human limitations that exist within the content industry.”— Hayley Anderson, co-founder and Chief Creative Officer of Soona.
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