StoryTap, whose patented video storytelling platform enables well-known brands to engage and grow by harnessing the power of authentic social video stories at a global scale, has announced a seed funding round, led by Refinery Ventures and co-led by StandUp Ventures. Refinery Ventures Managing Partner Tim Schigel and StandUp Ventures Managing Director Michelle McBane have joined the StoryTap Board.
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The US$2.3 million round will enable StoryTap to meet a growing demand for its video storytelling platform in North America and around the world at a time when about 20% of total global commerce activity has shifted online, and marketers are seeking ways to engage consumers. With e-tail now representing a $26.7 trillion market according to the UN Conference on Trade and Development, the company, which enables major consumer brands to source, produce. curate, and distribute on-brand customer-generated content like video reviews, video Q&A and video content experienced 450% growth in the number of brands using its platform in 2020.
“COVID-19 accelerated the rapid shift of businesses around the world from physical to online, so brands needed to quickly figure out how to humanize their e-commerce experience and pivot from an in-store experience to virtual. As the economy begins to reopen, e-tail buying shows no signs of slowing. Our customers are seeking authentic ways to build trust by educating, engaging and serving shoppers, and we are able to deliver a scalable, automatic authentic video storytelling solution for them at a time when society couldn’t get together in real life,” said Bernadette Butler, CEO of StoryTap. “We’ve grown by powering one brand after another, demonstrating how genuine consumer-generated videos can drive engagement and sales, and imbue companies with a true seal of approval. The growth and adoption of StoryTap in the past year has given us a glimpse of the massive opportunity that is in front of us, and the investment and network from Refinery and StandUp will enable us to bring our solution to even more brands on a global stage.”
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The company, founded by Butler and CTO Sean Braacx, bootstrapped the development and growth of its patented, scalable and secure video storytelling platform over five years. StoryTap works with major consumer products, retail and education companies, and customers include Reckitt Benkiser’s Enfamil, Cepacol, Veet, K-Y and Durex brands, numerous departments at UCLA, as well as for TELUS, the major telecommunications company. StoryTap enables retailer CanadianTire to generate video product reviews for Dyson, Instapot, Greco and Dewalt. In addition, enterprise companies now depend on StoryTap’s secure enterprise video marketing platform, launched this Spring, to help them generate authentic, on-brand customer and employee-specific video stories. Brands also rely on StoryTap’s video content to drive traffic, search engine optimization and engagement.