[Funding alert] Streaming social app Frenzi raises seed round from SucSEED Indovation Fund
Streaming social appsecured an early-stage investment from Hyderabad-headquartered SucSEED Indovation Fund as part of its seed round.
Speaking on the investment, Vikrant Varshney, Co-founder and Managing Partner, SucSEED Indovation Fund, said,
“The OTT space is exploding and is becoming the first choice to access content around the world. The industry is expected to grow at a CAGR of 28.6 percent. With media networks, content creator tools, and creator networks joining hands and becoming a part of one universe, we are creating a content explosion, and hence, the selection of content from diverse yet merging sources would be key. The total size of the creator economy is estimated to be more than $100 billion.
“Frenzi enables these viewers to have greater control over the content selection from their community and preferences. Our investment will further help to grow the community base and develop the technology, which shall enhance the overall viewing experiences,” Vikrant added.
Established in July 2020 by Balkrishna Singh and Harvinderjit Singh Bhatia, Frenzi is the gateway to the OTT world. The startup provides a blend of recommendations based on one's social circles and layered with tech capabilities built on an AI/ML foundation. The community engagement and rewards layer differentiates Frenzi and puts the consumer at the core of the entire experience.
Frenzi has already mapped over five lakh movies and series across 60+ platforms. The Frenzi community is already half a million strong and growing. The platform has already seen over two million searches with over 100,000 social interactions and more than 50,000 reviews and ratings.
Balkrishna Hari Singh, Founder and CEO, Frenzi, said,
“Frenzi is the need of the hour in the growing streaming ecosystem. Consumers are looking for a better way to discover and manage their content at affordable prices. Frenzi brings in ease of discovery, reliability of community, and a reward platform that makes multiple subscriptions affordable.
He added, "Our initial journey has been encouraging, and we are now at an inflection point of growth. SucSEED joining hands with us is a validation of the project and a shot in the arm for the team and their efforts. Our initial success and learnings leave us well-placed to deploy capital to enhance our product and teams for the next level of growth.”
With the creator economy growing at an astronomical pace, it’s a foregone conclusion that viewers will like to talk and share about the content that appealed to them. Frenzi provides a platform to do the same in their circle and much more. The social media app also enables viewers to discover and influence content choices in their circles of communities.