Victoria, British Columbia-based MediaCore, the company responsible for a cloud-based educational video platform, has received an investment boost of $4.5 million from Vanedge Venture Partners.
The money will help the company almost double its number of staff members this year from 20 to 35, as well as increase their reach across the globe to attain new customers. "This round of investment is all about growth," Stuart Bowness, the company's chief executive, said in an interview on Tuesday.
"We have gotten to a point now where we have a solid customer base and we have a good degree of revenue predictability. It's a terrific thing for our team to be able to expand to the next stage of growth."
First and foremost, the money will be used to hire additional engineers to increase product development, as well as to allow sales and marketing teams to reach a larger customer base, writes Andrew Duffy for The Times Colonist.
MediaCore's video-platform services currently reach 100 universities and post-secondary institutions. The secure, customized online video platform offers software for university use in an effort to make it easier for professors and students alike to record content. Tools are also available to manage and catalogue content in order to make access easy for students.
"I think this is a good thing for the city. It shows it's possible to build a real venture-backed business in this community," said Bowness, who stressed he is intent on establishing MediaCore as a major player and employer in Victoria.
One condition of the funding is to include Vanedge partner Moe Kermani on MediaCore's board. Bowness believes this move to be beneficial for the company, as Kermani has a background in cloud storage and development.
"The reason I wanted to get Vanedge as an investor is I thought Moe in particular would add a lot of value both strategically and tactically," Bowness said.
MediaCore was created in 2011 by Stuart Bowness and Damien Tanner in an effort to offer schools an online library that would allow students and professors an easy way to create and share educational videos.
"Our mission is to transform how people teach and learn using video," said Stuart Bowness, CEO of MediaCore. "We're here for the long haul. The investment will be used to continue to invest in our product and to hire up and scale operations."
While there were no official mentions pertaining to specific additions to its product line, Bowness did say, "we've got some awesome things up our sleeves for 2015."