Video consumption has increased drastically over the past few years, thanks to Internet penetration in nook and corner globally. Consequently, companies in numerous sectors are taking up video as a medium for their marketing strategy to deliver their message.
The purpose of the video is lost if it doesn’t reach its customer at the right time. This is why it’s crucial for brands to get their videos where they have the most impact – right next to the add-to-cart button on resellers’ online stores. In fact, online product videos have been proven to have a dramatic effect on boosting conversions. And here’s where Videoly expertise comes into play.
€6M for Videoly
Recently, Videoly, a Helsinki-based product video management solution, announced that it has raised €6M funding in Series A round led by Alfvén & Didrikson, alongside previous investors Vendep Capital, Reaktor, and Kim Väisänen.
As Videoly secured its Series A funding after over a year, we at TFN got a chance to have a conversation with Nora Huovila, co-founder of Videoly, on various topics, including funding, goals, missions, and much more.
On asking about the process of receiving funding from Alfvén & Didrikson, Nora Huovila says, “We planned our funding round carefully and prepared all the necessary materials before starting the investor outreach. I think thanks to our good preparation we were able to stick to the planned timeline. Most of the discussions were held in web meetings, but we were lucky to meet people from A&D twice in person as well during the process.”
Accelerate growth in EU and US
The funding will enable Videoly to accelerate growth in Europe and North America. The company is planning to double its team size in the Helsinki and Toronto areas over the coming months. At present, the company employs around 45 employees in Helsinki and Toronto.
“Beyond, we aim to become the world’s leading product video platform, connecting online retailers, brands, and content creators,” she says.
The founder story!
Nora Huovila founded Videoly with her co-founder Sergey in 2014 intending to become the world’s leading product video platform, connecting online retailers, brands, and content creators.
Talking about Videoly, Huavila explains, “Videoly is a market leader in video management and distribution technology for online retailers and brands. Our solution searches YouTube for the best product videos and automatically connects them with online stores’ product pages. Videos enrich product information and increase customer engagement and e-commerce sales.”
Currently, Videoly’s solution is used by over 400 online retailers and brands globally, including Stadium, Bauhaus, and Gigantti, reaching millions of consumers every month.
When asked about their competitors, she clarifies, “We have no direct competition. With this, we mean the ability to find both user-generated content and brand videos and automatically link them to the right products. Our solution provides the highest video coverage, best quality, and variety of content with a fully automatic solution for the online retailer. Now we have successfully expanded our product portfolio to serve brands too. With Videoly for Brands, brands can directly distribute their videos to all their retailers.”
Notably, the management team comprises an equal number of women and men, which is rare for a technology company.
Responding to a question on advice for other females seeking funding in the tech field, she states, “Regardless of gender, my one piece of advice for founders seeking funding is to carry out a careful background check on investors before reaching out. Does your company fit into their portfolio? Have they invested in similar kinds of products? Is your company at the right stage for them? This might save you a lot of time.”