US headquartered Hippo Video, a cloud-based video CX platform, which also has an office in Chennai, has raised $4.5 million in Series A funding.
The investment round was led by Alpha Wave Incubation (AWI), a $300 million venture fund, managed by Falcon Edge Capital, a global alternative asset manager, and backed by ADQ, one of the largest regional holding companies based in Abu Dhabi, and Exfinity Venture Partners.
Existing investors Sequoia Capital India’s Surge and KAE Capital also participated in this round.
Hippo Video was founded in 2016 by former Zoho Corporation executives Karthi Mariappan, Nilamchand Jain and Srinivasan Krishnan. The company helps create, deliver and measure the metrics for personalised videos.
Karthi Mariappan, CEO and Founder of Hippo Video, said: “With the increasing role of video in communication and social media, Hippo Video looks to capitalise on video as a key decision influencer and trust driver. Hippo Video drives sales, marketing, and overall customer experience through its REALTM platform.”
The firm said it has shown robust ROI metrics for customers – email response rates increased by 3x, qualified lead generation increased by 66 percent, sales velocity increased by 2x.
The company’s development team of around 70 members is based in Chennai. The company also offers technological innovations such as rich online pro-editing, on the fly in-video personalisation at scale, video landing pages, smart webcam, and screen recorder, extensive reporting and analytics, and enterprise grade security.
Navroz D Udwadia, Co-founder and Partner at Falcon Edge Capital, said: “We are excited to back Karthi and an outstanding team at Hippo Video who bring decades of experience in building / scaling SaaS products globally via their domain expertise at Zoho.” “Hippo Video has and continues to demonstrate outstanding strong organic traction, customer retention, and like-for-like ACV growth. Most critically, customer feedback on the Hippo Video suite of products is tremendous,” he added.
As part of this investment from Alpha Wave, Hippo Video will expand its presence to Abu Dhabi and use the Emirate as a strong global base for international expansion while also targeting the GCC (Gulf Cooperation Council), MENA (Middle East and North Africa) and other global markets, the statement said.
Hippo Video will also build a world-class team of data scientists, product managers, and engineers located in Abu Dhabi, it added.
The company has more than 1,000 business customers across the world, including Panasonic, Freshworks, Chargebee, Tailwinds Transportation, Essilor and Clarify Med.
“Post Covid, there is a massive uptick in video as a default mode of communication, and all parties engaging on video have got acclimatised to it. We believe that Hippo Video, with its technology of making personalised videos at scale and importantly, at a cost that is not different from mail and other notifications, has immense potential to make sales and support processes effective, leading to superior conversion and engagement for its clients,” said Shailesh Ghorpade, Managing Partner and CIO at Exfinity Venture Partners.
Exfinity is a frontier-technology fund that backs business-to-business (B2B) companies in India and across the India-United States business corridor.
The platform claims it has demonstrated 4x+ year-on-year revenue growth, over 100 percent net dollar retention, and a 4x LTV/CAC already, showing signs of product market fit. Armed with product led growth, the company aims to put its video CX platform in the hands of every business right from SMBs to enterprises.
In January 2018, Hippo Video raised an undisclosed sum in a pre-Series A funding round led by KAE Capital, with participation from Freshworks founder and chief executive Girish Mathrubootham.
Authored by Ayush Sharma
Content Developer, StartupMonk