Getty Images Invests in Promo.com - Social Video Templates

Promo.com Secures $16 Million in Series B Funding

Promo.com, a leading social video tool, has recently completed a $16 million Series B funding round. The investment was spearheaded by Getty Images, a globally recognized provider of stock imagery.

Simplified Video Creation for Diverse Users

The platform caters to a wide range of users, including brands and content creators, who require rapid video content production. Promo.com functions much like a stock photography service, enabling users to search for the necessary video assets.

While Getty Images itself offers a stock video library, Promo.com distinguishes itself by providing not only the video clips but also user-friendly tools. These tools empower individuals without professional video editing experience to create basic, yet customized, edits.

Customization and Deployment

The process involves selecting a pre-existing, professionally produced video clip. Users can then integrate their own messaging and incorporate elements like logos or bespoke audio tracks.

Following customization, the finished video is readily downloadable and deployable across various social media platforms.

Investment Details and Strategic Partnerships

In addition to Getty Images, Mizrahi-Tefahot Bank, a major Israeli financial institution, contributed to the Series B round through debt financing.

This deal will strengthen the existing “strategic partnership” between Promo.com and Getty Images. Promo.com will gain enhanced access to Getty Images’ extensive collection of video clips.

Competitive Landscape

Promo.com operates within a competitive market. Biteable, a video creation platform, secured $7 million in funding in December, offering similar capabilities for producing concise, visually appealing video content.

Furthermore, Canva, a popular graphic design platform, also incorporates video editing features alongside its stock image library.

Vimeo provides its own video template service, Vimeo Create, which originated from the acquisition of the AI-driven video editor, Magisto.

Here's a list of competitors:

• Biteable
• Canva
• Vimeo Create

The availability of multiple platforms underscores the growing demand for accessible and efficient video creation tools.

The increasing need for quick and engaging video content is driving innovation in this space.