[Funding alert] AI-driven content startup Instoried raises $1M from 9Unicorns, Mumbai Angels, others
Bengaluru-based AI-driven deep-tech content startupon Tuesday announced that it has raised $1 million in pre-Series A round led by and Mumbai Angels. The round also saw participation from London-based JPIN, Jain Angel Network, SOSV, Artesian, FAAD Angel Network, Lead Angels, and a US-based VC.
According to company statement, the startup plans to utilise the fresh funds for its expansion activities, to hire a larger team, initiate marketing activities, and increase its product offerings globally.
Commenting on the investment, Apoorv Ranjan Sharma, MD and Co-founder, 9Unicorns said,
“AI-based content marketing is a fast-growing segment globally with a $70 billion market size. Companies across the globe have been now leveraging AI-based content to engage with their customers for better sales. We are extremely delighted to have found and invested in a startup that has been able to crack this growing segment. We believe that as businesses are moving online, the need for such services are likely to grow exponentially.”
Founded in 2018 by former Mu Sigma employee Sharmin Ali, Instoried has created a tool which helps brands to strategise, execute, and deliver content using predictive analysis to increase customer engagement. The B2B SaaS-based startup helps brands to boost engagement and increase content productivity in real-time.
The tool is currently available in English and Hindi, but will expand to cover a larger set of vernacular languages in the foreseeable future. The two-year-old Instoried, focused on text-based content, is also planning to move into the video space soon.
Speaking about the development, Sharmin Ali, Co-founder and CEO, Instoried said,
“We have grown over 3X in the last 10 months. We found a huge opportunity in this adversity and have scaled at a rate of 60 percent month-on-month. Brands globally now understand and acknowledge the importance of having a strong online engagement as an absolute mandate with the new normal."
"This is the best time for marketing tech companies. Since writing is a creative endeavour, it has always been exempt from the rigors of data-backed technical scrutiny and this is what Instoried wishes to change,"added Sharmin.
Last year, in August, the startup had raised $500,000 in seed round from SOSV, Venture Catalysts, Jain Angel Network, Artesian, and JPIN from London.
Edited by Kanishk Singh