Brisbane video start-up eyes US market
Raising $US3.2m to go global
Australian streaming video network start-up Kondoot is in the midst of finalising a $US3.2 million funding round led by US investors.
The social-style video sharing site was set up by Brisbane-based university chums Mark Cracknell and Nathan Hoad, and launched in the US on December 12.
The operation, until now privately funded, was soft launched three and a half months ago and already claims users in 133 countries. It is believed to have raised about $US800,000 with most contributions coming from the Australian Small Scale Offerings Board.
The Amazon Web Services-hosed outfit, claims that it is aiming to create a new market segment in "social live video", a hybrid of streaming video, VPN and instant messaging in addition to the public live and recorded broadcasts.
For its US launch the company introduced a paid broadcasting system that enables celebrities, public figures or businesses to stream live webinars across private broadcasts to fans and customers. Viewers are required to pay a fee via PayPal with the bulk of the proceeds paid to the broadcaster.
"We've been singularly obsessed with delivering on the vision of creating a friendly and easy-to-use live social video experience," Hoad said. The company has already started to sell mobile app versions of its original games for US$1 each and will soon be launching an advertising-centric offering.
"Now, a rock band can broadcast their concert live to millions of fans around the world who couldn't make it to the concert but can watch from the comfort of their home for a nominal fee," co-founder Cracknell added.
Following the capital raising. the Brisbane based company is looking to shift to the US in the first quarter of this year. ®