Octopus backs cloud video company

London-headquartered Aframe has added three new institutional investors to a pool of seed and angel backers including former executives at Endemol, Vodafone and AMV BBDO.

Cloud video production business Aframe has inked a new $7 million (£4.4 million) Series A financing, with support coming from Octopus Investments, Eden Ventures and Northstar Ventures.

London-based Aframe is set to use the growth capital to expand sales, partner programmes and marketing worldwide, as well as increase personnel in its engineering and development team in the UK. The $7 million commitment takes the total invested in Aframe, including previous seed and angel investments, to $10 million.

The business provides a platform which allows users to share, search and collaborate without the need for on-site equipment.

As well as securing its maiden institutional fundraising, Aframe has launched operations in the US through setting up bases in Boston, New York and Los Angeles.

David Peto, founder and CEO of Aframe, comments, ‘Finally technology has caught up with the creative process so it can enhance the video production workflow, while not forcing creative minds to change the way they work.

‘We are incredibly excited to expand our reach into North America, and grateful for the support of such esteemed venture capital firms to make it happen.’

Luke Hakes, principal in the Ventures Division at Octopus Investments, adds, ‘The cloud is re-defining how companies go about their business across all sectors and the video production business is particularly ripe for this change.’

As part of the deal, Mark Ovington, one of the founding team at Avid Technology and its former head of marketing, has been appointed as president of Aframe North America.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

Related Topics

Series A funding