Business Insider reports that the AI-backed video startup has raised new funding in a $8 million seed round.
As previously reported by AFROTECH, Adventr had already closed on $5 million in seed funding in 2021 with investments from Paladin Capital, Reinventure Capital, In/Visible Ventures, and Lightspeed Venture Partners, as well as from Harris’ longtime business collaborator and Grammy-award-winning artist John Legend and Karen Jaw-Madson.
According to Business Insider, the additional funding came from previous investors, such as Reinventure Capital, as well as new individual investors.
“We believe its ease of use to develop applications that are limited only by the imagination, and its AI-driven technology give Adventr’s customers the competitive edge they have been seeking,” Reinventure President Edward Dugger, said per the outlet.
The funding is set to be used to grow Adventr’s sales and marketing and open its first office. The New York-based company also plans to grow its team in 2024, which it had done before during previous growth.
“We’re expanding significantly at Adventr, which is a testament to the quality of our product and the diversity of applications our customers are using it for,” Harris shared with AFROTECH back in 2021. “We’re staffing up and recently brought on former Vimeo General Manager Peter Gerard to lead product. We’ll soon be announcing Adventr integrations into popular social media platforms so millions of users will be able to easily create and share bite-sized adventrs natively in their favorite social apps.”
Another round of wins for Adventr includes five times as much sales in 2023 as well as a 20% click-through rate on its ad units — “far higher than the industry average of below 1% for static display ads.”
While Adventr currently helps users create free interactive video content and access its “SmartListen” technology, Harris envisions it evolving into the “Photoshop of connected media” as people seek more personalization, intelligence, and connectivity.
