Yuvod, the PaaS for video platforms, has closed a €3 million financing round, led by US fund Palomar Capital, in order to accelerate its growth in the United States during 2023. They have also raised €1 million from the Valencian Institute of Finance and Enisa.
Among the investors in the round led by Palomar Capital and Navesink Capital, there are also renowned business angels such as Bill Luby, Todd Balestro and other funds such as Three Angels.
This private capital inflow of three million euros is complemented by other lines of financing and equity loans from the Instituto Valenciano de Finanzas and Enisa. In total, the new financing amounts to four million.
The new capital increase comes to Yuvod after the company opened for business in Latin America in 2022, which has allowed it to double its turnover in that year. During the same period, the startup has also launched a product line for OTT platforms in the sports sector, which complements those already offered in the telco and hotel segments, with the aim of accelerating turnover and diversifying the origin of customers.
TO BE A BENCHMARK IN LATAM
Yuvod, which aspires to become the benchmark PaaS in Latin America for any streaming video platform, has launched a fully cloud-based product that takes care of all parts of the content delivery process, from the reception of content to the compilation of the applications where users will consume the content. And all this on a pay-per-use model so that the customer does not have to make high initial investments.
With this, its managers aim to avoid content piracy in the region and democratise access to a premium platform for any audiovisual content exhibitor.
NEARLY 40% OF TURNOVER COMES FROM INTERNATIONALISATION
The startup claims that almost half of its sales come from outside Spain and that by 2023 international business will surpass the figures coming from national clients. With the new funding raised, they will focus on the US market, and will continue to consolidate their position in Latin America and Europe.
Growth in the last year has represented a 203% increase in turnover and the company expects to close 2023 with an ARR of close to 3 million euros.
“This round is a boost of confidence from our investors in the creation of a platform that can automate any OTT that is created worldwide. It will help us drive our business model in the US and Central Europe, and continue to open up new customer verticals such as one-off events or universities,” says Yuvod CEO Ricardo Tarraga.
The company offers an end-to-end streaming platform service internationally, in multiple countries such as Mexico, Japan and the Czech Republic, among many others.