- Videowise announced it has raised $3 million.
Videowise – an e-commerce video platform company founded by product designer Claudiu Cioba – announced it has raised a $3 million seed round of funding led by Slack Fund with participation from FounderCollective, Underline Ventures, MuVentures, and Ratio Ventures.
Videowise’s first success was with shoppable videos in 2022, generating over $1 million in added revenue from purchases happening straight in Videowise’s shoppable video player but also influencing over $25 million in revenue at conversion rates of up to 328% from video shoppers spending up to 4 minutes more per page, watching interactive short form videos.
After switching to Videowise, Dr. Squatch saw a 3.2% increase in revenue per session in the first 30 days alone. And compared to traditional video platforms, Videowise loads up to 5 times faster in page speed performance for online stores.
Traditional video platforms can embed videos in just one video per page at a time. But Videowise was built specifically for e-commerce from day one to help online stores manage and publish video at scale on a virtually unlimited number of product pages, collection pages, or blogs. This has been been a major time saver for the clients.
Since launching, Videowise’s technology has evolved into a full e-commerce Video Platform that powers the entire video infrastructure for direct-to-consumer brands and online retailers. Now over 100 design and development agencies worldwide are building next-generation video experiences for their eCommerce clients using Videowise’s highly customizable video components.
With this new funding round, Videowise aims to develop its video commerce technology stack further for omnichannel video shopping experiences and take its leading place in consumerism’s next frontier.
KEY QUOTES:
“At Slack Fund, we are committed to supporting companies driving innovation and big ideas. We are thrilled to work with Videowise as the company brings an innovative, commerce-centric video platform to revolutionize how brands and retailers interact with customers.”
— Slack Fund Senior Associate Dillon Ferdinandi
“Videowise is changing how consumers make online decisions by making videos the central piece of their shopping experience, allowing eCommerce companies to elevate their product presentation. Claudiu and his team have done an incredible job and we’re very excited to partner with them.”
— Bogdan Iordache, General Partner at Underline Ventures
“Our product reviews and clients’ feedback are the best votes of confidence we could receive. We are now embarking on a new journey into eCommerce experiences with a new round of investment led by Slack Fund, which will support our expansion to Salesforce Commerce Cloud and other commerce platforms. Together with our investors, we share an ambitious vision for what commerce-centric video solutions will become – creating highly engaging video shopping experiences, distributed at scale, with zero impact on site speed.”
— Claudiu Cioba, Founder & CEO of Videowise
