Investments in companies - 13.11.2013
On-demand photo service secures investment from Conor Venture Partners and Finnish Industry Investment to capitalize on growing demand for unique and relevant photography by targeting brands and publishers in US, UK and worldwide
Continuing its bid to take on the global photography industry, Scoopshot has secured $3.9 million in Series A funding from Conor Venture Partners and Finnish Industry Investment, with participation by existing investors, to drive the growth of its on-demand photography service worldwide. The new round of funding will be used to ramp up Scoopshot’s presence in the US and UK by expanding its existing sales teams there.
Chris Barchak, Partner at Conor Venture Partners, will join Scoopshot’s board as its new Chairman.
Founded in Finland in 2010, Scoopshot gives brands and publishers the ability to source custom photography on-demand in minutes, while engaging with a targeted group of consumers. Through an open platform at Scoopshot.com, photo buyers can create location-based assignments for more than 350,000 mobile photographers around the world. Photographers can respond to tasks, earning money and recognition through Scoopshot’s apps for Android, iOS, and Windows Phone devices.
More than just an alternative to stock photography, Scoopshot’s on-demand service for brands creatively engages consumers on brand-related photo tasks. It has enjoyed great success since launching in July 2013 and has been embraced by leading brands including GANT, Greenpeace, Hotels.com, and Nokia.
Chris Barchak said: “In 3 years, Scoopshot has already become the clear market leader in crowdsourced images for brands and publishers. Its on-demand service completely changes how we think about digital image sales, combining the affordable cost of stock photography with the specificity of commissioned work. A smartphone in every pocket gives consumers the ability to creatively express themselves in support of the brands they trust. I’m excited to join the board to accelerate the business’ growth globally.”
Jussi Hattula, Director at Finnish Industry Investment said: “Scoopshot provides a source for image content to media and brands that is fresh and locally relevant. This is achieved in a very cost efficient way while still respecting image rights and ensuring authenticity. We are very happy to join the company to help realize its ambitious goals”
“This $3.9m funding will strengthen our position as a market leader in on-demand mobile photography” said Petri Rahja, CEO and Founder of Scoopshot. “I am super excited to work with Chris and others to take on this multi-billion dollar market. Expanding our sales and marketing teams and establishing an expanded presence in the US will allow us to revolutionize the photo industry with our on-demand model.”
Scoopshot now has 60-plus publishers on its books. Recent deals include News Corp Australia, Australia’s #1 media company and owner of more than 80 daily newspapers, the California Newspaper Publishers Association, representing 800 publications, and Next Media, Hong Kong’s largest publicly listed Chinese-language print media company and owner of Apple Daily, one of Hong Kong’s largest daily newspapers.
Scoopshot is a disruptive digital service that changes the way modern media companies and content marketers work with photos and videos. With Scoopshot anyone has instant access to a global pool of both mobile and professional photographers. Send out photo tasks to engage the crowd, assign professional photographers, or buy photos from a constant stream of consumer photos from around the world. Operating in 177 countries, Scoopshot has signed up more than 350,000 mobile photographers and over 1,400 professional photographers. More than 60 media companies in 19 countries use Scoopshot’s service to source photos and commission bespoke photography. www.scoopshot.com
Conor Venture Partners is a leading early-stage technology VC investing in the Nordics and Baltics. With 70 million euros under management Conor invests in disruptive technologies in software, embedded systems, electronics, new materials and optics. The Conor portfolio includes companies such as Neo Technology, Sticky, Omegawave, Fits.me, BehavioSec, Tactotek, Supponor Systems, Aito Technologies and Eniram. For more information, please visit www.conor.vc
Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. Finnish Industry Investment invests in companies both directly and through private equity funds, together with and on the same terms as private investors. The investments of Finnish Industry Investment amount to 720 million euros. The company is currently an investor, directly and through funds, in altogether 510 companies that together employ some 50,000 people. For more information, please visit www.industryinvestment.com, and follow @TesiFII.
For more information, please contact:
Petri Rahja, CEO and Founder at Scoopshot
firstname.lastname@example.org, tel. +358 40 544 7311
Chris Barchak, Partner at Conor Venture Partners
email@example.com, tel. +44 7852 333 965
Jussi Hattula, Director at Finnish Industry Investment
firstname.lastname@example.org, tel +358 40 066 9955