Magnify Gets US$1M in Funding

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Budding video discovery business Magnify recently closed US $1M (SG$1.3M) in outside funding, including investments from TEDx’s Chris Anderson and former Facebook general counsel member Chris Kelly.

This new round of investments highlights the market’s need for increasingly competent and efficient video discovery and curation programs, says Magnify founder and CEO Steve Rosenbaum:

“Content creation used to be the log jam because it was expensive to produce, host, and distribute. Now the problem is that there’s too much content and no way to sort through it.

Especially with the wave of [short video] services…we think the next big opportunity in the video space has shifted to curation.”

Although video curation – manually collecting videos from around the web – seems simple in principle, finding enough pertinent video content and creating a viewing platform requires more time and effort than site owners are willing to expend.  That’s where Magnify comes in. Its product eases the load on web publishers by giving them both categorized video content to sift through and a viewing platform that is integrated directly into their site.

Magnify’s clients pay a monthly subscription and also get 50% of the revenue generated by ads for Magnify’s content partners, AOL On and Yahoo!.

Read full article at VentureBeat

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