Home » Punchbowl nabs $5M expense, acquires VidHug to insert online video to celebration setting up platform – TechCrunch

Punchbowl nabs $5M expense, acquires VidHug to insert online video to celebration setting up platform – TechCrunch

Punchbowl nabs $5M investment, acquires VidHug to add video to party planning platform – TechCrunch

When the pandemic strike past calendar year, Punchbowl, an online celebration setting up provider was still left in the lurch with gatherings all but shut down, but alternatively of lamenting the condition, founder and CEO Matt Douglas went to operate to rethink the company’s technique. He started by increasing the company’s online greeting card organization, which until eventually that level experienced been a little element of the income blend. Then he commenced talking to traders about a cash influx with an eye toward introducing online video to the platform.

That all culminated in a slew of announcements now. For starters, the organization pulled in $5 million from SG Credit score Companions. Douglas then turned about and purchased on the net video creation service VidHug and rebranded it for his platform as Memento. Ultimately, he invested in a few of applications created to draw new mothers and fathers to the company early in their children’s lives. A lot more on those people soon.

When the government built the no-gatherings rule official, Punchbowl necessary a program. “So we took our workforce and we set our energy to a product that was a lot less than 10% of our small business prior to the pandemic and that is greeting cards,” Douglas reported.

He made the greeting playing cards extra personalized by incorporating a video ingredient. His crew obtained that going rather speedy, placing it jointly by Mother’s Working day 2020 to consist of a visual message at a time when people couldn’t get with each other in individual. But he needed a little something more than that, and he dove into investigating the online video montage current market. That eventually led to him connecting with the founders of VidHug and producing an supply to invest in the Canadian startup.

Memento assists you make and gather video clips, pull them jointly into a movie and pick out audio and backgrounds in a friendly interface, placing essential movie manufacturing within arrive at of of just about any user.

Douglas sees adding video clip as much more than a shopper enjoy though. He believes with Memento, he can also appeal to company consumers to use video — for example, as a way to welcome new employees, specifically in distributed organizations, or to make a good-bye video clip for a prolonged-time personnel leaving the business, and in this way begin to extend the system to incorporate not only client prospects, but businesses much too.

Whilst he was at it, he invested in some apps directed at new dad and mom, specifically moms, such as Qeepsake and pumpspotting. Qeepsake is an application that prompts mother and father with a text to gather unique memories of their children’s lives and then print them in a preserve-sake e-book. It’s aimed at mothers and fathers who never obtained all around to generating that little one reserve. Pumpspotting aids aid breastfeeding moms, whether they are at residence or do the job, and it also delivers methods for their employers to assist nursing moms as effectively.

He believes that by attracting dad and mom at the earliest time in their childrens’ life, he can get them to use other Punchbowl companies to strategy birthday get-togethers and other occasions, add online video reminiscences, and build extended-time period brand loyalty together the way.

Douglas has been at this considering the fact that 2007 when he conceived and released Punchbowl, and while he says he has experienced presents over the many years to be acquired, he never preferred to sell. Whilst 2020 might have been the hardest calendar year at any time for his occasion setting up business, he employed the disaster to rethink it, and in the procedure may have designed anything that can endure and prosper extended time period with a wider wide variety of companies and revenue streams.