May 2, 2012

WeVideo got the time to succeed - and boy they seem to use it

WeVideo just raised $19M from a venture capital firm. Knowing these VC guys are not playing the 50% increase game, this certainly raised the bar for WeVideo - I guess to be a real success now by their definitions, we are talking $250M+ valuation or so... Crazy. And crazy exciting. I do of course know that the reason for such multiples is that the likelihood of going to a $0 valuation is also very real. Any way you put it, this is a huge compliment to the team lead by Bjørn and Jostein and a great opportunity to take a real shot at being and staying number one video editor in the cloud.

Just after the news about the funding, WeVideo announced their extended partnership with Google (they are already on and that WeVideo was compatible with Google Drive from launch day. And this week, Disney launched their Avengers Remix campaign powered by WeVideo. And not long before that, WeVideo launched their first mobile app that seemlessly let you add clips from a mobile device into a collaborative video project. Busy bees indeed.

And a last quick note: This week a book co-authored by Andreas Goeldi, who I went to MIT Sloan with, came out; Video Marketing for Dummies. Reportedly he says about WeVideo that it is "Likely the closest thing to a full-blown video editing application in the cloud". Couldn't agree more!

Full disclosure: I am not exactly neutral to WeVideo. I am a member of the board of Inspera, the company that developed the technology in WeVideo and spun it off as a separate company. That being said, my very tiny stock ownership in Inspera (that is now a minority shareholder in WeVideo) is not likely to make me truly rich, even if the ball flies totally out of the park. But rich on experiences for sure! Through my company Innovation Consulting I am playing a modest role in making WeVideo tick and appreciate both the forward looking days and the more firefighting-style we might have from time to time in the run-up to a big launch.