AMSTERDAM--(BUSINESS WIRE)--Cleeng, the specialist in video e-commerce for leading sports and entertainment companies, announced today it has raised €1,100,000 in a Series A round led by Pascal Cagni (GM and VP Apple EMEIA 2000-2012), bringing Cleeng's total venture funding to €1.5 million to date. The funding round will support Cleeng's heavily demanded international growth and further product development for the disruptive video e-commerce industry.
Cleeng's growing customer demand and successful platform disruption of the Live Pay-Per-View market for thousands of clients including FIFA/Sportmax TV, Dailymotion, and Cirque du Soleil drive the additonal capitalization. The start up, ranked #2 fastest growing in the European Tech5 by The Next Web in 2014, has recorded more than 500,000 user accounts in 172 countries and had a 2.5x year-on-year Q1 revenue. Further, leading Online Video Platforms like Brightcove, Livestream, Ustream, Kaltura, Globecast, and Ooyala have selected Cleeng to provide the most powerful, efficient, and fast to deploy video e-commerce solution available.
Building on this momentum, Cleeng will leverage the Series A round to accelerate the company’s international growth, principally in the US, while scaling the platform's technology, which currently handles hundreds of thousands of transactions per hour, to meet increasing demand.
Gilles Domartini, founder and CEO of Cleeng, remarked: «After a successful pivot toward video e-commerce, this investment will give us the means to solidify our market leadership. We have attracted and retained top clients, and leading OVPs now recommend Cleeng for their PPV & VOD projects. With more than 1/2 of our business in the US, it is time to accelarate our sales development and unleash our revenue potential internationally. We are thrilled by the trust shown by our investors and we will remain focused on delivering the ambitious scaling plan.»
Lead investor Pascal Cagni added: «The explosive growth of audiences watching videos online is opening a real opportunity to monetise quality content. Cleeng has developed a proven and robust technology, successfully monetising thousands of live events and videos, like the Mayweather-Pacquiao fight 10 days ago and a great leadership team. We are pleased to support their international growth and continued expansion.»
Looking forward, Cleeng's priorities include ramping up its presence in the US, where the service is already experiencing heavy and growing demand, while building the platform's infrastructure to handle an unprecedented number of live pay-per-view sales per hour. With a growing userbase, satisfied clients, and a thriving partner network, Cleeng is well positioned to continue to lead video e-commerce.
Cleeng, the leading video e-commerce platform, safeguards LIVE concerts, sporting events, conferences for leading brands and celebrities and partners with all major OVPs.
About Pascal Cagni
Pascal Cagni is non-executive Director at Kingfisher and Vivendi, and GM and VP Apple Europe (2000-2012). He is an active investor in the domains of future of hardware and future of e-commerce. He supports start-ups and contributes to their international deployment.