VideoBlocks Closes New $8M Funding Round to Expand Offerings to the Mass Creative Class
Stock Media Company Secures Funding from North Atlantic Capital to Accelerate Its New Video Marketplace Library and Grow the Core Subscription Business
Reston, Virginia(03 Jun 2015)
VideoBlocks, the first subscription-based provider of unlimited royalty-free stock video, today announced that the company has closed an $8 million funding round, led by North Atlantic Capital, who specializes in rapidly growing recurring revenue businesses. VideoBlocks has brought on a new partner at this time to continue to invest in providing premium stock media that the entire creative community can afford, and will use the funding to further accelerate the growth of the its newly launched Marketplace, explore new content verticals, and expand the team as it looks to continue diversifying its product roadmap in 2015.
“After seeing the market’s reaction to our Marketplace launch, this funding will allow VideoBlocks to throw fuel on that fire while continuing to add depth to our Unlimited Library and invest in our core subscription business,” said Joel Holland, Founder and CEO of VideoBlocks. “North Atlantic Capital has been helping technology companies navigate and scale their businesses for years, and we’re thrilled to have them behind us as we look to do the same.”
VideoBlocks secured the funding on the heels of the successful launch of its artist-friendly video Marketplace this past April that pays contributors 100% commission on sales, while also providing customers with a 40% discount compared to competitive sites. Since the Marketplace went live, over 2,000 contributors have registered, uploading more than 300,000 high quality stock video clips. To manage the flood of content and ensure that the needs of all contributors are met, VideoBlocks will continue to grow its staff, and make investments to support its stock video, graphics and music products.
“VideoBlocks pairs a healthy, growing core business with a highly disruptive new marketplace model that is already producing some incredible results,” says Mark Morrissette, North Atlantic Capital partner and leader of the investment for VideoBlocks. “The platform has proven to be a winner with creators of multiple types – from the hobbyist to the seasoned professional.”
The new partnership will enable VideoBlocks to provide an affordable, one-stop-shop for creative content, and expand upon its video, graphics and audio libraries to give customers a complete suite of content to meet all of their stock needs.
About VideoBlocks
VideoBlocks is a profitable, venture-backed stock media company recognized in 2014 by Inc. Magazine as the eleventh fastest growing media company in the United States. Together with its sister sites GraphicStock and AudioBlocks, VideoBlocks empowers customers to enhance their creative projects, ranging from professional production studios like NBC, Discovery and MTV to pro-sumers and enthusiasts like colleges, churches and video editing hobbyists. Founder and CEO Joel Holland has been named one of the "Top 25 Entrepreneurs Under 25" by BusinessWeek Magazine, "Young Entrepreneur of the Year" by the United States Small Business Administration, “Entrepreneur of the Year” by Ernst and Young for the Greater Washington DC Region, and made Inc. Magazine’s prestigious “30 Under 30” list in 2013. The company is based in Reston, Virginia.