Storykit, the leading video creator in the Nordics, announced today it has raised $10 million USD in funding, in a financing round led by Expedition Growth Capital.
Storykit has almost doubled in 2021, leveraging artificial intelligence to enable companies to create more video than ever before. With the new funding they will accelerate innovation and expansion at an even higher pace.
“We are thrilled to partner with Expedition Growth Capital to realize the enormous potential of Storykit. Video is the number one format for social channels in 2022 and beyond, and with Storykit any marketer or communicator can leverage the power of video. We’ve experienced colossal growth over the past few years, which reflects the increasing demand for organizations to create video with high quality and flexibility, in an ultra-high tempo. We’re really looking forward to fulfilling the strong market demand for our video creator on a global scale,” said Peder Bonnier, CEO and co-founder of Storykit.
Serving large and medium sized enterprises, Storykit has quickly grown to become the leading video creator in the Nordics, with over $6M in annual recurring revenues, and has recently expanded into several European markets. Key customers include Skandia, Dun & Bradstreet, the City of Stockholm and Lufthansa Systems.
“We have nearly doubled our revenues in the last twelve months, fully on our own cash flow, and are happy to have found yet another partner who is interested in building long lasting, economically viable businesses, without having to compromise on growth. This investment will enable us to further invest in our already market leading product, and expand to more markets and customer segments”, said Peder Bonnier.
Expedition Growth Capital is a $200+ million London-based growth equity fund, focused solely on investing in fast growing and capital efficient B2B software companies in Europe and Israel. This is their first investment in the Nordics.
“Since our first conversations with Storykit in 2020, we have been energised by their commitment to building a company for the long term. This is our first investment in Sweden, and we are delighted to be partnering with such a high quality group of founders and investors”, said Oliver Thomas, Managing Partner of Expedition Growth Capital.
David Olsson, who led the investment and will join Storykit’s board of directors, adds: “Storykit is addressing an increasingly universal corporate and departmental need - to rapidly produce video content that is highly professional, brand aligned, and cost effective. We see enormous potential for the company in the years ahead and look forward to being a supportive partner for the Storykit team.”
Storykit was founded in 2018 by Fredrik Strömberg and Peder Bonnier. By building the complete video creator they aim to enable everyone who can write text to create video. With over 500 customers, and tens of thousands of users all over the world, they are well on their way. For more information, see www.storykit.io
Expedition Growth Capital is a software-specialist growth equity investor, currently investing a $200 million fund. The firm provides growth capital, shareholder liquidity and supportive minority partnership to rapidly growing, capital efficient software companies across Europe and Israel. For more information see www.expedition.capital.