Magisto Raises $5.5M in Funding; Releases Web-based Video Editor
Magisto, a San Francisco, California-based company that's created a Web-based video editor, has raised $5.5 million in a Series B funding round. The round was led by Horizons Ventures, an investment manager based in Hong Kong, with participation from Magma Ventures.
At the same time, Magisto announced that its online video editor is now publicly available. The free service makes short movies out of unedited footage, which can then be easily shared online or via email.
Magisto's service adds titles and music to videos, and promises to select the best scenes.
"Kids. Special events. Family vacations. Everybody is shooting hours and hours of video, but nobody knows what to do with it," says Magisto's co-founder and CEO Oren Boiman. "The average person doesn't edit videos. It's hard to do, and most people don't have the desire or time to learn video editing programs. So they either post long boring videos nobody wants to watch, or they save them on their hard drive -- unwatched, unedited, unshared. We made Magisto to give people a way to take their videos and turn them into movies that are fun to watch and easy to share."
Scroll down to see a sample of a Magisto video (with puppies).
The home video editing iOS and Android app now counts 13 million registered users in over 100 countries.