San Francisco-based startup 8TV steps into Indian market with $500k fundingPress Trust of India
San Francisco-based startup 8TV has raised $500,000 funding (about Rs 3.34 crore) from investors including Redcliffe Capital Managing Partner Dheeraj Jain, Google executive Tidhar Carmeli and angel investor Thomas Korte.
The company, which offers short-form video network for brands, is also supported by the US tech giant Amazon that has invested about $100,000 worth of AWS services credit. The startup graduated from Angelpad, a tech accelerator in Silicon Valley, and its customers include firms like Unilever.
We have received a $500,000 investment from Dheeraj Jain (Managing Partner at Redcliffe Capital), Tidhar Carmeli and Thomas Korte (ex Google and Angelpad), with additional $100,000 invested by Amazon in form of AWS services, 8TV founder Leon Crutchley told PTI.
The investments will be used to strengthen the platform and for foraying into newer markets, including India. Redcliffe Capital Early Stage Investments Lead Aakaar Gandhi said,
Redcliffe's investment opens up the Asian market for 8TV starting with India. The booming digital native space makes India a very attractive proposition for 8TV
Brands are working hard to catch up with and stay relevant for the digitally empowered consumer and that offers a huge potential to companies like 8TV, he added.
We've worked with a lot of FMCG brands and noticed most were broadcasting their products at their customers rather than communicating with them. Brands need a way to build direct meaningful relationships with their customers or die, Crutchley said.
That is a problem that 8TV seeks to solve, he added.
8TV will begin piloting in India with The Man Company, a men's grooming products maker.
According to the 'Digital Advertising in India' report, jointly published by Internet and Mobile Association of India (IAMAI) and IMRB International, the digital advertising market in India that was pegged at Rs 5,200 crore at the end of December 2015. Digital advertising spends were about 12 percent of the total advertisement spends in the country. The spending is projected to reach Rs 7,044 crore by the end of this year at a CAGR of 35 percent.