We Got Funded: Video Content Startup Buzzkito Raises US$1.7 Million From AfricInvest Morocco-born startup Buzzkito has raised US$1.7 million in a Series A round from AfricInvest
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Stirring up MENA's video development scene, Morocco-born startup Buzzkito has raised US$1.7 million in a Series A round, from AfricInvest, a Tunisia-based private equity fund managing $1 billion assets and more than 140 portfolio investments. Founded in 2006, the startup was launched by founder and CEO Mehdi Benslim, who noticed the lack of entertainment and engaging content in Morocco. The video content and development startup uses tech, data and psychology, to produce short, engaging and viral videos. This is Buzzkito's first investment round, and the startup aims to use the funds to expand its operations across GCC and develop unbranded content in the region.
It operates under two distinct business models to create such videos- traditional branded content, wherein Buzzkito acts as a consultant delivering writing and production services, and customized sponsored content wherein Buzzkito doesn't charge for the content, but enables the brands to sponsor the material at a price set by the business sponsor. To create quick and affordable content, the startup focuses on following key trends of being social, millennial-centric, emotional and mobile, for its content.
According to a release, the startup tests its content through a target audience- with their content reportedly reaching 32 million views per week, 25,000 shares per day, and 180,000 reactions per day, shared through different formats for each platform (Facebook, Instagram, Snapchat and YouTube). The startup features content for these platforms through bronze (micro-content), silver (voice recording), and gold (voice recording and outside shooting) categories- which, according to its team, is 75% less expensive than its traditional competitors. Founder and CEO Benslim asserts that the startup's main USP is its goal of equipping brands to become content creators: "Content is the ambassador of the brands [and] it's urgent for brands to understand how to create relevant content."
With its 60-member team based in Casablanca, Jeddah and Dubai, the startup has worked with over 40 companies across the MENA region: P&G, Kiri, Nestle, Gillette, Coca Cola, Honda, Ariel, Aksal, Bayn, Pizza Hut, and more. It's this progression that attracted its investor, as Omar Bekkali, Senior Manager, AfricInvest says, "AfricInvest is proud to support Buzzkito –a truly innovative company- in its impressive growth path throughout the MENA region. Thanks to its disrupting approach and highly qualified team, we are confident in its ability to successfully achieve its challenging expansion strategy." Onwards and upwards!
Related: MENA Investors' Forecasts for 2018: twofour54's Asma Al Qaseer and Dana Horska
