Boston, MA-based ViralGains is building a global exchange for viral video. To this end, the company has just raised $2.8m in funding (read here). CEO Jay Singh told us something about Praxis, their ad platform, the company, the round and future plans.
FinSMEs: Hi Jay. First, can you tell us a little bit more about you? What’s your background?
Jay: Hi there, thanks for having me. I started working on the web around 14 years old and made my first advertising agency business at 19 years old. The agency business was successful for three years for my business partner and I while we were in college. At 21 years old we decided to spin off into advertising technology and ViralGains was born.
FinSMEs: Let’s speak about ViralGains. What’s the opportunity you found in the market?
Jay: Viral video is a phenomenon in the global culture. It’s in the nightly news and talk shows, yet inaccessible for advertisers as a product. As media evolves and customer eyes shift from television to web, the massive opportunity of television ads is evolving into viral videos.
FinSMEs: How does ViralGains work? Tell me something about the features…
Jay: The product is a video ad platform named Praxis. The software is easy for advertisers of all sizes who need to promote their YouTube video. Our technology helps drive audiences to videos and delivers real time reporting.
FinSMEs: Can you introduce the other team members?
Jay: Our executive team has seen exits totaling $500 million and equity value totaling $850 million. Doron Gan is our CTO, Dan Levin our President & COO, Kate Willett is our CRO, and Shawn Chase is our CFO.
FinSMEs: Where are you now in terms of growth? Some numbers?
Jay: We are at about 25 full time members on our team and we are projecting $3 million of sales in 2014.
FinSMEs: You just raised funding. What can you tell me about the investors? How are you using the funds? Are you raising a further tranche?
Jay: Sure. The full list of investors is available at http://angel.co/viralgains. The funding will be used to expand into markets like New York, Chicago, and Southern California. The completed raise will be at $3-$3.3 million.
Jay: Future plans are to scale the demand side and supply side of our platform. The demand side is where advertiser dollars flow in and the supply side is where we place video ads. Beyond that, we are planning to be at the nexus of the global positive impact that viral video will cause.
FinSMEs: you are based in Boston, a thriving tech startup ecosystem. What can you tell me about it? Exciting?
Jay: Boston is a great tech startup ecosystem. It’s a small community where everybody knows each other.