Biteable - an online video platform and template-based online video builder has raised a $7 million Series A round making total raise to date $9m
The Series A funding has been led by Cloud Apps Capital Partners supporting seed investors Tank Stream Ventures and Justin Lipman of Microequities Venture Capital Fund.
The money will be used to hire and continue to develop the product.
What is it
Biteable is to video creation to what Squarespace, Wix is to website creation.
It has a sizable content library, which includes a combination of stock photography, stock video footage, and hundreds of animations and scenes.
Biteable focuses on assets that companies use and reuse — like video explainers for a business, online marketing and ads, videos that appear on product pages, and more. Its videos also tend to be between 30 seconds and 3 and half minutes.
The People
Biteable CEO Brent Chudoba, joined the company at the end of last year to support
Hobart co-founders - Tommy Fotak, Simon Westlake, and James MacGregor.
After helping companies create explainer videos, they realised the opportunity in the video creation market to create a video builder product that simplified a lot of the decisions that needed to be made when making a video.
Chudoba more recently joined the company as a result of Biteable wanting to bring in a CEO with more experience growing freemium software productivity businesses. Prior to Biteable, Chudoba worked in private equity, was an early SurveyMonkey employee (CRO), and also spent time at PicMonkey (COO), Thrive Global (COO and CFO) and Calendly (Head of Business Operations).
Customers
Already, Biteable has found individuals from companies like Amazon, Microsoft, Google, Disney, Salesforce, BBC, Shopify and Samsung have used its service, though it doesn’t have any official contracts with these larger businesses.
Pricing
Today, the startup generates revenue via a freemium business model that includes multiple subscription plans.
A free plan for individual users offers access to the suite of tools for video creation, including the 1.8 million pictures, clips, and animations within the Biteable library. However, free videos are watermarked with Biteable’s branding.
A $19 per month plan for single users removes the watermark and allows you to add your own, and offers HD 1080p resolution and other features, like commercial usage rights.
Professionals pay $49 per month for shared editing and projects and use by unlimited team members, and more. Custom pricing plans are also available.
Combined, Biteable’s free and paid users total over 6 million. They create around 100,000 unique videos per month, and that number had roughly doubled over the course of 2020.
Competition
Vimeo, Canva, Adobe and others, but focuses on creating video assets that have more staying power than temporary social videos.
The Investor
Matt Holleran, General Partner at Cloud Apps Capital Partners, states about his investment:-
“As a firm, we look for great businesses in high growth industries with excellent teams that we can help reach the next level.
In Biteable, we see all three of those elements and are incredibly excited to partner with Brent and the Biteable team on this next chapter of growth,”
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