The five month old startup and an online video-on-demand website mivizz.com has raised Rs 2.2 crore ($350,000) in angel funding from three Singapore-based investors. The investors are Ashish Todi, MD at Frost Global; Abhinav Patodia, Director at Navtech; and Kumar Shwetabh, CEO at Pacific Global Inc. This funding will help muvizz.com expand its team and also reach out to global markets.
Abahyanand Singh, CEO and Co-founder of Muvizz.com said, “Through muvizz.com we offer cult, classic and independent films to cinema lovers around the world. My idea is to create a social community of cinephiles where they can not only get access to award winning titles, but also interact with like-minded people on cinema. We have used the funding so far to procure content for the catalogue of movies, IT infrastructure and in the hiring process to put together a great team.”
The startup is being mentored by actor Manoj Bajpayee who will ride on his maiden entrepreneurial journey with this venture. He’s closely working with Singh to give the startup a boost and mentoring.
The venture is also looking to raise $1.5-2 million in Series A round of funding from existing investors and a couple of other domestic and international institutional investors. Singh is confident that the funding will be raised by December. The next round of funding will be used for building their mobile app and to obtain some exclusive movie titles. A part of the capital will also go towards marketing and campaigning.
Some of the big names in the online streaming and video on demand industry are Eros Now, Hungama Play, Hotstar, HOOQ. But Abahyanand Singh clarifies this and says most of them are focused on mainstream content and none of them is a social platform. “There is no clear competition at this stage except in sub segments like short films and documentaries.”