POSCO Venture Capital has led a $3 million Series A funding round in online video company Shakr Media. POSCO also helped the company secure matching funds from the Korean government. A number of angel investors also joined the funding round.
Shakr Media announced today that it has raised a total of $3 million, officially bringing its latest round of funding to a close.
“With this latest funding, Shakr will expand its motion graphics marketplace and push more heavily into the advertising sector,” said David Lee, Shakr’s founder and CEO. “Long dominated by large companies, Shakr is democratizing video ads so that small businesses can participate, alongside bigger players.”
To do this, the company has combined its drag-and-drop simple video creator with video styles by the same designers who have done work for big companies like Nike, Samsung and major broadcasters.
The principal investor in this round was POSCO Venture Capital, who also helped Shakr secure matching funds from the Korean government. The government funding reinforces Shakr’s role as an early success in the creative economy Korea is building, with support from the government.
This funding allows Shakr to invest in technology and in talent. In the first half of 2014, the video advertising company has made significant improvements in its user interface, adding the ability for customers to easily edit existing videos, and completely reimagining the way customers put text into videos.
Shakr also made two strategic hires in recent months.
Erik Cornelius is now on board as VP of Marketing. He has nearly a decade of marketing experience in Asia, having worked on award winning campaigns at Edelman and Burson-Marsteller, as well as at a data mining-based market research firm.
Eun Seon Shin started April 2, as Shakr’s Creative Director. He leads the motion graphics team and also works directly with third-party designers who contribute to Shakr’s marketplace. Eun Seon’s previous experience includes work for Korea’s largest broadcasters, MBC, SBS and JTBC, creating intro sequences for some of Korea’s most-watched dramas, as well as ads for big companies like SK Telecom.
Participants in this round of funding include POSCO and a number of angel investors who believe in Shakr’s core mission to Reimagine Everything to Video.
Shakr Media Co. LTD is a Seoul and San Francisco-based startup that’s reimagining everything to video. The company’s fast-growing marketplace includes more than 150 videos styles from more than 50 professional designers, who earn recurring revenue, every time one of their video styles are purchased. Shakr’s video styles are used by individuals, companies and non-profits around the world. The company has attracted funding from POSCO, Naver parent company NHN, and super angel fund 500 Startups, as its first investment in Korea.
About POSCO Venture Capital
POSCO Venture Capital Corporation (formerly POSTECH VC) was founded and financed by POSCO in 1997 to help build stronger small and medium enterprises in Korea. The fund seeks investment opportunities in diverse markets including Information Technologies, Advanced Materials, Bio Technologies, Renewable Energy, and Life Sciences. More than 200 professors from POSTECH, a leading technology and engineering university in Korea, help POSTECH VC evaluate the technologies in which it invests. The POSTECH VC portfolio is now more than 60 billion Won.