Kitchener-based Vidyard, a startup that provides online video hosting for businesses, has received a $15 million credit facility from BMO Technology and Innovation Banking Group.
The loan is expected to help support product development of Vidyard’s online platform, as well as help with growth initiatives, including global expansion and mergers and acquisitions.
The loan is expected to help with growth initiatives, including global expansion.
“We’re excited to be working with BMO’s Technology & Innovation Banking Group to help finance strategies intended to support our journey in becoming the dominant video platform provider that the world’s most successful businesses rely on,” said Vidyard CEO and co-founder Michael Litt.
Vidyard aims to help businesses generate more leads and connect with customers by creating, hosting, optimizing, and measuring their online video content through its video hosting platform. Some of the company’s clients include Honeywell, LinkedIn, Citibank, and Sharp. In 2018, the startup announced that it is powering HubSpot’s video solution, which offers video hosting, in-video call-to-actions and forms, video analytics, and personalized video messaging.
RELATED: Vidyard shakes up pricing model with new “reverse freemium”
Earlier this year, Vidyard announced major updates to its free video messaging and screen recording app, Vidyard GoVideo. The updates are meant to make it easy for sales professionals to create personalized video. In September, Vidyard launched a free option for users in an effort to shake up the typical SaaS pricing model. The new pricing model is an attempt to make video content creation, hosting, and management more accessible to businesses.
Formerly Redwoods Media, Vidyard graduated from Y Combinator and raised its first seed round of $1.65 million in 2011. The startup completed its first Series A of $6 million in 2013, and has raised more than $60 million in funding to date.
Image source Vidyard