Shakr, a Seoul-based startup that helps small businesses make professional-caliber video advertisements on a budget, has secured funding from Silicon Valley-based, Japanese-led venture capital fund SV Frontier.
The amount is undisclosed, but Nikkei Computer reports that it’s in the hundred thousand US dollar range. Shakr co-founder and CEO David Lee wouldn’t elaborate, but we’ve reached out to SV Frontier for clarification and will update this post if they reply.
Lee tells Tech in Asia that the money will be used toward further development and marketing of its video creation platform. He also plans to establish a Tokyo office by the end of the first quarter.
“Japan is important to us because of its incredibly high proportion of independent, small businesses. Nowhere else in the world do independently-owned small businesses have such a tremendous impact on the economy. From guys who dream of sushi that spawn Hollywood movies to independent knife sharpeners, Japanese small businesses have a global cultural impact while powering the local economy. Shakr wants to be a part of helping local Japanese businesses that aspire to greatness. By giving Japanese small businesses the ability to make great video to tell their story, Shakr helps them compete in pixel-dense markets like Tokyo.”
“Take a walk through Roppongi or Shibuya, and you’ll see just how many digital displays running video ads there are – but all those videos are big business ads,” Lee continues. “With Shakr, we’ve brought down the cost of producing video to a level that works for small business. And that’s especially important for markets like Japan.”
Lee says that the startup is pursuing “key partnerships” across Asia, many of which will be announced soon. One such example is a collaboration with Foxconn CEO Terry Gou.
“[Gou’s] Taiwan-based company TeamMax has begun making video ad templates and selling them through Shakr,” Lee adds. “They keep 70 percent of the profit.”
Shakr closed a US$3 million series A round last May, which was led by POSCO Venture Capital and joined by 500 Startups. The investment marked 500 Startups’ first in a Korean startup.
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(h/t: The Bridge)
This post Korean video ad creation startup Shakr lands funding for Japan expansion appeared first on Tech in Asia.
Korean video ad creation startup Shakr lands funding for Japan expansion
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