Today we are extremely excited to announce that we have secured $13 million in Series C funding from Qualcomm Incorporated, through its venture capital arm, Qualcomm Ventures, SanDisk Ventures and existing investors, including Magma Venture Partners and Li Ka Shing’s Horizons Ventures.
Over the past year, our community has grown from 1 million to over 13 million registered users in over 100 countries around the globe. We’re excited to dedicate this funding to expanding our leadership position in the emerging category of Video Storytelling and to helping our users create rich, professional looking personal movies quickly and easily.
“Qualcomm and SanDisk products and technologies are essential components that help people capture photos and videos,” said Oren Boiman, our CEO and Co-founder, in a press release. “Collaborating with the leaders of the personal photography eco-system will provide massive opportunities for Magisto. We share a vision for the future of personal video storytelling with both of these pioneering companies.”
“Video and photography are now central to how people use their mobile devices and Magisto is at the cutting edge of that consumer experience,” said Mony Hassid, Senior Director at Qualcomm Ventures, also in the press release. “We envision a collaboration between hardware and software that will radically improve the way that consumers capture personal media, and dramatically enhance the quality, output and value of everyday photos and videos. Our investment reflects our confidence in that vision.”
Thanks so much to all of our wonderful users that are creating great Movies everyday. We’re excited to continue this journey with you!