Video marketplace platform Newsflare lands £2.4m funding
Company that counts the BBC, CNN and FOX News as clients will use funding to expand into US and Japan
Newsflare, the marketplace for video creators, has secured a £2.4m investment from Edge Investments for a minority shareholding.
Launched in 2013, Newsflare licences video content to major global media players, including news websites, television production companies, Social media and content networks.
There are already around 40,000 video clips on the platform, with more than 2,500 new clips added every month. The company shares 50% of its sales commission with uploaders.
Newsflare has clients across 40 countries including ABC, the BBC, CNN, the Daily Mail, FOX News and SKY News.
The investment marks the first from the British Business Bank-backed Edge Creative Enterprise Fund, which was launched in November 2015 to boost the UK’s creative industries.
Jon Cornwell, co-founder and CEO of Newsflare, said: “Having secured this investment from Edge, we are delighted to be working with one of the most respected names in the creative industries sector.
“Edge shares our vision for the huge potential of our business model in the burgeoning user-generated video market. This investment will allow us to execute our plans for growth and to achieve our ambition for Newsflare.”
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David Fisher, Edge investment director, commented: “The growth potential for the sector is enormous and we are particularly keen to support Newsflare’s expansion into the lucrative US and Japan markets.”