Vitcord, the application that allows users to publish stories on video, such as debates or challenges and which unlike any other application allows users to interact with threads created by the entire community, has raised $2 million from different funds and business angels. The fresh capital will help Vitcord to scale up, improve the product and UX and prepare for future growth.
Founded in 2014, Vitcord allows users to increase their sense of belonging, by allowing them to move from the role of being a spectator to being the protagonist of other stories, interacting directly with what happens around them. You can respond with a video to an influencer, or add what happens in an event to a story created by another user. Through its investments, Vitcord demonstrates that there is a market and wants to accelerate growth by focusing its efforts mainly on the evolution of the product. There is a double objective: to work with data models and scaling up at the backend level, and to transform the user experience and the way it interacts with the application, all to improve long-term retention and increase the content creation index in the app. The Vitcord application is currently available through The App Store and Google Play.
According to Adrián Domenech, CEO of Vitcord, the strategy that they are now taking should lead them to compete with the big players. He explained: “By being fast, analytical and asking the right questions we can challenge the monsters of the sector. Musical.ly is a clear example of how to gain access to a sector full of sharks. With a unique value proposition Vitcord can be the next to do it, creating a precedent in Spain.”
The total amount raised thus far has been $2 million from funds and business angels such as Gate 93, based in the US and specialized in helping European startups to enter the American market, Banc Sabadell BStartup fund, Alfonso Rodés, president of Havas Media Group, and Zarranz Group, founders of Las Provincias Publishing Group. These new investors join old ones like the Mobile World Capital Barcelona Foundation and Sebastien Lefebvre, Twitter’s former director of growth.
Adrián Domenech and his team are working on an outstanding video platform focused on creation, activity, and virality. So far, in the last 12 months the platform has obtained 400,000 active users and in 2018 they are determined to multiply the number of videos created each day.
Vitcord is headquartered in Barcelona and Valencia, and to date has raised €2.75 million in total funding, which has been invested not only to launch the core Vitcord product but also to validate the model and increase traction in the Spanish speaking-market.