Singapore-based video marketing startup Wootag has raised US$2.7 million in a pre-Series A round led by Euco Investment, Wavemaker Partners & SPRING Singapore, and included other investors.
It will use the newly-raised financing to expand regionally as well as hire new employees.
Founded in 2014, Wootag provides businesses with the tools to make their videos interactive across mediums, screens and advertisements. The tools also give businesses real-time analytics and insights on the behaviour of consumers who interact with the video.
“The data that is generated from video consumption is used to provide recommendations to companies on how they can make their videos more marketing-friendly,” said Raj Sunder, CEO and Founder of Wootag.
One company, sports company Lagardere Sports, used Wootag to drive awareness & sales for their WTA Finals events.
“Since they started using Wootag, more than 10 per cent of their audience now engage towards booking tickets via Wootag,” said Sunder. Audiences who watch videos on Lagardere Sports are able to WTA Finals match schedules and book tickets by interacting with said videos.
Fashion e-commerce Zalora incorporated Wootag’s tech to allow customers to buy items through its videos.
“With our platform, businesses can now invite their customers to become co-creators of their own video experience and engage in a two-way conversation, consequently ensuring that the business’ own communication objectives are met, be it in terms of lead generation, driving online-to-offline purchases or increasing sales leads,” he added.
Wootag has also worked with other brands, such as Acer, L’Oreal, Unilever, Globe Telecom, GroupM, Lagardère Sports, Nestle, and OCBC. It plans to incorporate AR/VR tech in the future.
On the origin of its name, Sunder said, “At Wootag, we focus on enabling Brands and Businesses to ‘Woo’ their audience with relevant touch point or ‘tags’ in their videos.”
Over 5 million users have watched and interacted with videos that have been “wootagged”, claimed Sunder.
Image Credit: Wootag