StoryTap Technologies secures $2.3M seed round
The startup says it will use the funds to meet the growing demand for its video storytelling platform around the world.
StoryTap, a video storytelling platform has raised a $2.3 million USD seed funding round, led by Refinery Ventures and co-led by StandUp Ventures. Refinery Ventures Managing Partner Tim Schigel and StandUp Ventures Managing Director Michelle McBane have also joined the StoryTap Board.
Why it matters: Throughout the pandemic, approximately 20% of total global commerce activity has shifted online and marketers are seeking ways to engage consumers. Many of them are harnessing video platforms, including StoryTap.
Details: StoryTap says it will use the seed funds to meet the growing demand for its video storytelling platform in North America and around the world. The company, founded by CEO Bernadette Butler and CTO Sean Braacx, bootstrapped the development and growth of its patented secure video storytelling platform over five years. The company works with major consumer products, retail and education companies, and customers include Reckitt Benkiser’s Enfamil, Cepacol, Durex, UCLA, TELUS and Dewalt, among other large brands.
The money talks: “Our decision to back StoryTap was simple: our investment strategy is focused on woman-led businesses, because data shows they deliver better returns,” said Michelle McBane, Managing Director at Toronto-based StandUp Ventures, in a statement. “We were impressed with Bernadette’s vision, leadership style and proven track record as a marketer, as well as the opportunity before this team and this technology to grow exponentially.”
By the numbers: Online commerce now represents a $26.7 trillion market according to the UN Conference on Trade and Development. Using that market as a foundation, StoryTap reported 450% growth in the number of brands using its platform in 2020.