Wochit, a New York-based social video creation platform, received a strategic investment from PA Group – the parent company of the Press Association (PA), the national news agency for the UK and Ireland.
PA joined a list of global media brands taking a stake in the ongoing development of the video platform, including Germany’s ProSieben, and Singapore Press Holdings’ SPH Media Fund. The amount of the deal was not disclosed.
The investment will contribute to the development of new tools and features to further enhance Wochit’s technology, while supporting the expansion of the business around the world.
Led by Dror Ginzberg, co-founder and Chief Executive Officer, Wochit is a video creation platform that enables newsrooms, media companies and brands to create socially-optimized videos at scale and expand audience engagement
Users worldwide including media brands such as Time Inc., Daily News, USA Today, Gannett, AOL, The Week, ProSieben, Singapore Straits Times, Die Welt and Der Spiegel get access to rights-cleared assets from AP, Reuters, Getty, Bloomberg and others, cloud-based editing tools and native uploads, to create horizontal and vertical videos and distribute them across all social and digital platforms.
The company is backed by Redpoint Ventures, Marker LLC, Greycroft Partners, Cedar Fund, ProSieben, Singapore Press Holdings’ SPH Media Fund and Carlo de Benedetti. It also has offices in London and Tel Aviv.