{"id":44684,"date":"2023-10-20T15:37:42","date_gmt":"2023-10-20T15:37:42","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/how-new-zealand-startup-90-seconds-scored-a-10-million-investment\/"},"modified":"2023-10-20T15:37:42","modified_gmt":"2023-10-20T15:37:42","slug":"how-new-zealand-startup-90-seconds-scored-a-10-million-investment","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/how-new-zealand-startup-90-seconds-scored-a-10-million-investment\/","title":{"rendered":"How New Zealand startup 90 Seconds scored a $10 million investment"},"content":{"rendered":"
\"90<\/div>\n

A New Zealand-based startup has secured a near-$10 million investment led by Silicon Valley powerhouse Sequoia Capital after its founder contacted the firm \u201cthrough the side door\u201d.<\/p>\n

The $US7.5 million Series A round in cloud-based video production platform 90 Seconds is also backed by Australian VC firm AirTree Ventures.<\/p>\n

Sequoia Capital is one of the biggest VC firms in the world, and has invested in over 250 companies that are now worth over $US1.4 trillion.<\/p>\n

These include some of the biggest tech companies in the business, including Apple, Google, YouTube, and Airbnb.<\/p>\n

Through the side door<\/h3>\n

90 Seconds founder and CEO Tim Norton says he chose to make contact with Sequoia via a different route than most.<\/p>\n

\u201cWe made a clear point of not going through Silicon Valley,\u201d Norton tells StartupSmart<\/em>.<\/p>\n

\u201cYou can reach them through Asia quite often \u2013 it\u2019s a good way to meet through the side door rather than through the front door in the Valley.\u201d<\/p>\n

Norton initially met with Sequoia in Singapore, and the investment comes from the firm\u2019s branch in India.<\/p>\n

He says startups from Australia and New Zealand too often focus entirely on the US when seeking international investment.<\/p>\n

\u201cI absolutely believe that going in through Asia is a really smart move,\u201d Norton says.<\/p>\n

\u201cIt\u2019s not talked about as much. I\u2019ve seen big VCs, regional VCs and locals in Singapore but there\u2019s not a strong presence from Australian and New Zealand companies.<\/p>\n

\u201cThese companies are sending people to San Francisco all the time. I get it, it\u2019s exciting and full of opportunities but you\u2019re competing with a lot more deals at the same time.\u201d<\/p>\n<\/p>\n

An all-in-one video platform<\/h3>\n

90 Seconds, which has a strong presence in Sydney, offers an all-in-one SaaS platform and marketplace for corporate video production that has now produced over 10,000 videos in 70 countries.<\/p>\n

Users can purchase, plan, shoot, edit and review the footage from the one platform with just 30 minutes notice.<\/p>\n

The large capital injection will be used to accelerate the startup\u2019s global expansion, with plans to open new offices in San Francisco, New York, Hong Kong and Berlin.<\/p>\n

90 Seconds already has people on the ground in Singapore, London, Tokyo, Manila, Sydney and Auckland.<\/p>\n

Norton says the startup has grown by 300% in the last year and is now turning over $1 million each month, putting it on the verge of breaking even.<\/p>\n

Sequoia Capital vice-president Pieter Kemps says the kiwi startup stands out in a rapidly growing and saturated market.<\/p>\n

\u201cThe 90 Seconds team has done a terrific job in building the leading global marketplace for video production,\u201d Kemps says in a statement.<\/p>\n

\u201cIn the large and rapidly growing video market they offer creative talent and agencies a unique workflow platform to work together in global projects. This has enabled them to build a fast-growing and rapidly scaling model.\u201d<\/p>\n

The impact on the ecosystem<\/h3>\n

The size of the investment and Sequoia\u2019s involvement will have a positive impact on the entire region\u2019s ecosystem, Norton says.<\/p>\n

\u201cEvery one of these transactions count \u2013 we need as many of these deals happening so we can build great companies and more success stories,\u201d he says.<\/p>\n

The global investment firm will now be visiting New Zealand in May to meet with the 90 Seconds team, along with other companies and the government.<\/p>\n

\u201cIf they didn\u2019t have this 90 Seconds investment then that just wouldn\u2019t happen,\u201d Norton says.<\/p>\n

\u201cIt gets a bit more interest for the local companies and puts them a bit more on the radar.\u201d<\/p>\n

With proof that the world\u2019s biggest investors are interested in New Zealand and Australian companies, and evidence that you don\u2019t need to go to America to score an investment, Norton says the onus is now on the locals.<\/p>\n

\u201cIt\u2019s up to the founders and entrepreneurs now to go and have a punt,\u201d he says.<\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter,<\/em>LinkedIn <\/em>and <\/em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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