Sydney user-generated video (UGV) startup Vloggi has launched a $750,000 equity crowdsourced funding campaign as it looks to ramp up its international focus.
The campaign via CSF platform OnMarket is offering 250,000 full-paid ordinary shares at $3 each in Vloggi’s holding company Ciné Souk.
Vloggi founder and CEO, Justin Wastnage re-launched in 2021, building his video submission management platform, using AI to process, sort and annotate user-generated video for use by businesses, describing it as “asynchronous collaborative video production”.
“This funding will be used to transform the product into an enterprise tool while supporting marketing and other activities to extend Vloggi’s growing international subscriber base,” he said.
“This is a brand-new concept that means the removal of a multitude of processing, storage and analytical pressures simultaneously,” Wastnage explained. “So, while there are innumerable video production platforms, very few enable footage to be uploaded remotely from thousands of contributors simultaneously.”
Wastnage said that as a new generation of digital natives enter the workforce, a video-first philosophy is taking over both external and internal communications having grown up on user-generated video (UGV) by social media influencers. The UGV market is growing at nearly 30% annually.
“The real market opportunity is in employee-generated short form videos created from footage shot on company devices,” Wastnage said, from video stories for training, to onboarding and collecting feedback from employees.
More than 3,000 companies now use Vloggi worldwide, including Amazon, Qantas, MYOB, PayPal, and broadcaster CNN, with 75% of the customer base offshore.
During the recent NSW HSC exams, performing arts students were able to submit their final performance videos via Vloggi.
“We’re currently seeing a strong shift to video as the preferred mode of communications, especially for younger people weaned on the internet and social media, most notably millennials, now firmly ensconced in the workforce and making their way up the ranks,” Wastnage said.
“While the broader startup tech sector endures one of its toughest tests ever, Vloggi is looking forward to an exciting new chapter as user-generated-video continues its sharp upward trajectory as not only the medium of choice for engaging with customers, but increasingly as the preferred – and more powerful – platform for professional communications amongst the younger generation of workers.”