Getty Images leads $16 million investment in Promo.com
Tom More, Promo.com CEO, said the partnership “will enable our user community to market themselves in even more creative and ground-breaking ways”
17:0025.05.21
Content systems developer, Promo.com, has raised $16 million in a series B round led by Getty Images. The investment is part of the existing strategic partnership between the two companies. The round also includes $6 million in debt financing from Mizrahi Tefahot Bank.
Promo.com. Photo: Nir Slakman
Promo.com. Photo: Nir Slakman Promo.com said it would use its new funds to accelerate its global expansion and launch new tools for content creation and data analysis, including mobile. The investment will advance Promo.com’s growth as an end-to-end video content creation platform.
Promo.com is also expected to focus on expanding its engineering team and strengthening its senior leadership, including through the appointment of a Chief Marketing Officer.
Promo.com and Getty Images partnership already provides Promo.com’s 2.5 million business users with access to over 100 million premium video clips and images to create marketing videos and digital content using Promo.com’s platform.
The company was named Slidely until 2019, but decided to change its name following a pivot in its product. Promo currently employs 70 people and is expected to expand its workforce further.
“We launched Promo.com to help businesses grow online, by making great marketing content and tools accessible and affordable,” said Tom More, Promo.com CEO in a statement. “This new phase of our partnership will enable our user community to market themselves in even more creative and ground-breaking ways, utilizing the depth and breadth of Getty Images and iStock’s content.“
Craig Peters, CEO at Getty Images added that “Video is increasingly important to businesses of all sizes and the Promo.com team is enabling small businesses to easily create powerful videos to drive their growth. Enabling visual communication is a shared goal and we are excited to expand on our relationship.”
With this investment, Getty Images is joining Benson Oak, a leading venture fund focused on e-commerce and the Passion Economy, on the Promo.com shareholder list. Benson Oak has to date invested $12 million in Promo.com.
“We have been investors in Promo.com since its launch,” said Robert Cohen, Managing Partner at Benson Oak. “With the expected immense growth in e-commerce and the Passion Economy, we are very confident that Promo.com will be at the forefront of the new wave of Israeli start-ups such as Wix and Fiverr servicing SMBs on a global scale.”
Promo.com was represented by Adv. Guy Lachmann of Pearl Cohen law firm.
