OpenReel’s remote video technology has transformed how global enterprise teams create professional quality video; new funding accelerates product development and fortifies global expansion
NEW YORK, March 18, 2021 (GLOBE NEWSWIRE) -- OpenReel, the leading Remote Video Creation™ platform, today announced it has closed a $19M Series A financing from global software investor Five Elms Capital. The company plans to further expand its offering into the enterprise video stack while continuing to develop its patented technology that enables globally distributed teams to remotely control, direct, record, and collaborate on high-definition video projects in over 125 countries.
Thousands of professionals at enterprises, consumer brands, media companies, and agencies trust OpenReel’s reliable and secure Remote Video Creation™ technology as a critical component of their workplace tech stacks and digital transformation strategies. Companies that use OpenReel’s platform can reduce the time, expense, and organizational burdens posed by in-person video shoots and workarounds using video conferencing or streaming tools.
“Due to the accelerated digital transformation we’ve experienced in the past year, there has been a fundamental shift in the way enterprises are creating content,” said Lee Firestone, CEO of OpenReel. “We continue to see organizations utilizing video in exciting new ways and are well-positioned to iterate on our product to meet the growing demand from the hybrid workforce of the future.”
Over the past 12 months, OpenReel has experienced 12x ARR growth as its patented technology disrupted the video creation industry as an end-to-end remote solution. Today, OpenReel is trusted by more than 200 enterprise clients and hundreds of small-to-medium-size businesses to securely and confidently create high-quality, polished video. Built for enterprises, OpenReel’s patented technology, ISO 27001 certification, in-shoot support, dedicated account management, and powerful features put the tools of a traditional shoot into the hands of professionals and video beginners alike.
“Five Elms loves investing in businesses that challenge the old way of doing things, and OpenReel does just that," said Thomas Kershisnik, with Five Elms Capital. “OpenReel has proven itself as an important component of the remote technology stack, as well as a vital tool in the broader content creation toolbox, empowering enterprises to enhance their content and create more of it. Five Elms Capital is excited to partner with Lee, Joe, and their growing team as they broaden the way creatives and enterprises think about video content creation.”
Current investors in OpenReel include Las Olas Venture Capital, Alpine Meridian Ventures, Brooklyn Bridge Ventures, Forefront Ventures, WorkerBee.TV as well as notable angel investors. Total investment in OpenReel has now passed $23.9M including equity and debt financings.
About Five Elms
Five Elms Capital is a global growth equity firm that invests in fast-growing B2B software businesses that users love. Five Elms provides capital and resources to help companies accelerate growth and further cement their role as industry leaders. Since firm inception in 2007, Five Elms has focused exclusively on software investing, building an unmatched network and deep domain expertise. Today with $700+ million AUM and a team of over 50 investment professionals, Five Elms has invested in more than 40 software platforms globally. To learn more about the company, visit: www.fiveelms.com.
About OpenReel
OpenReel™ enables remote video creation for enterprises, media, and entertainment companies worldwide, empowering them to direct and film up to 4K video content from over 125 countries. With its patented suite of remote video direction, capture, and collaboration capabilities, OpenReel™ makes it possible for businesses of all sizes to cut down on the time- and resource-intensive process of on-location video shoots and scale content creation initiatives efficiently and effectively. OpenReel is based in New York, with its employees currently distributed worldwide. To learn more about the company, visit: www.openreel.com.
Contact:
OpenReel
Teresa Hill
press@openreel.com