As people pay more attention to their smartphones and less attention to their TV, advertisers are moving away from TV budgets and turning them into online budgets. And Kitchener-based Vidyard, which recently snagged a $50 million Series C in a round led by Battery Ventures, is taking advantage of the shift.
The Disruptors co-host Amber Kanwar spoke with Vidyard CEO Michael Litt to find out the story behind Vidyard’s success. “Video is one of the most ubiquitous mediums on the web because video works for consumer and business applications,” Litt said. “I think the reason for this is because of the rise of millennials in the workforce. Millennials grew up with television, but they also grew up with the internet.”
On the heels of Vidyard’s financing, Kanwar also wondered whether it was enough to fuel Vidyard’s growth, or if the company will need to tap into the markets again.
“When we raise financing, we look at that money as kind of the last financing our business will gather. That’s the mentality I think you need in a volatile market,” Litt said. “We’ve got a massive runway on that cash, the Canadian dollar is low which really helps because we sell primarily to the United States. We’ve got the runway we need to perceive when the markets will turn around again and we can have a great opportunity to raise money.”
Watch Litt’s interview below:
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