LOS ANGELES & PHILADELPHIA--(www.poptent.com), a global video production company for Fortune 500 brands and agencies, today announced that it has raised $5.5 million, led by MK Capital, an established venture capital firm focused on digital media and technology. As part of its accelerating growth, the company also announced that its social network of videographers has surpassed 50,000 members in more than 140 countries and that it has exceeded $5 million in creator cash payments for completed video assignments.)--Poptent (
“MK Capital is thrilled to continue our support and increase our investment in Poptent”
Poptent has delivered television commercials, Internet video advertisements, and other videos for many of the world’s best-known brands, including Dell, Intel, Eucerin, Jaguar and Walgreens, as well as major advertising, marketing and communications agencies. One of Poptent’s Walgreens spots, ‘The Pick Up’ (http://bit.ly/KwIxJs), developed by Los Angeles-based Poptent member Mike Bernstein, was recently selected for two 2012 Telly Awards, placing it among the finest video commercials produced.
According to Poptent CEO Andy Jedynak, proceeds from the latest round of funding will support the company’s continued strategic expansion through product development, expanded services and accelerated global expansion of its offerings, such as its recently launched Poptent Productions business unit.
“At a time when the quality of Poptent’s work is being recognized by brands, agencies, and other organizations, as well as seen in context with world-class marketing venues like the Super Bowl, this new funding will be used to strengthen our operational capabilities, build scale and help us decisively position Poptent to be the trusted global source for creative video solutions,” said Jedynak. “We are especially pleased with the expanding variety of assignments coming to Poptent, as this means even more work and opportunity for our talented international creator community.”
"MK Capital is thrilled to continue our support and increase our investment in Poptent,” said Yair Landau, MK Capital partner. “Andy and his team have built the leading crowdsourced video production community and are well-positioned to take it to the next level.”
BEHIND THE SCENES: 50,000 VIDEOGRAPHERS IN 140 COUNTRIES
Since its 2007 inception, Poptent's global community of filmmakers, video directors and producers has been the backbone of the video work Poptent produces for Fortune 500 brands, agencies and other organizations, fundamentally transforming how video can be made. Now that Poptent’s global network has grown to include more than 50,000 members in 140 countries, Poptent provides new levels of scale and utility for its clients. Some new information about Poptent's network:
- Poptent has paid out $5 million in cash to Poptent members for completed brand and agency video assignments. Poptent crossed the $1 million payout threshold in late 2010 and the $2 million mark in mid-2011, providing an additional measure of its accelerating growth;
- Poptent member videographers now hail from six different continents;
- Poptent's fastest-growing membership areas include Brazil and the Philippines, with continued strong growth in Europe, as well as the US and Canada;
- More Poptent clients are requesting submissions from multiple countries: Recent Poptent assignments have attracted video submissions from Indonesia, Malaysia, and Romania, in addition to the more traditional areas of North and South America and Europe;
- In addition to providing its international membership base with the opportunity to work for global brands as well as Poptent's professional online development programs associated with membership, Poptent plans to increase the number of languages supported on the Poptent.net Web site.
About MK Capital
MK Capital (www.MKCapital.com) is an established venture capital firm with offices in Chicago and Los Angeles. The Firm offers multi-stage growth equity and venture capital to companies in the following sectors: Digital Media, Data Center Automation, Software and Education Technology. As a member of the MK Capital portfolio, companies have access to an experienced partner with extensive operating experience. MK Capital plays a significant role with its portfolio companies, collaborating on strategy, operations, and technology as active members of the companies’ boards, leveraging insights from a strong understanding of industry sectors to help their portfolio companies grow.
About Poptent, The Trusted Global Source for Creative Video SolutionsSM
Poptent (www.poptent.com) is a global video production company which harnesses the collective skills of a powerful social network of more than 50,000 videographers in 140 countries to produce commercials and other video assets for Fortune 500 brands and agencies. Providing end-to-end video services, through the use of crowdsourcing techniques, Poptent works with clients to develop high-quality commercials and other video content with unprecedented speed and at a fraction of the cost of traditional methods. Poptent creators benefit through industry networking and the other resources available to them at Poptent, and by having their work seen, reviewed and potentially purchased by leading brands and ad agencies. Poptent's principal offices are in Southern California and suburban Philadelphia, with regional sales offices in New York, Chicago, and other key US markets. The company also opened an office in Sao Paulo, Brazil, in mid-2011.