Video editing tools have gone hand-in-hand with that rise. Cisco estimates that in 2021, video accounted for 82% of all online traffic. Video has been an online juggernaut for a while now, with its magnetic pull played out through premium streaming services, user-generated content platforms like YouTube, TikTok and Instagram, through advertising, and more. Veed will use the funding in part to grow that list with features that will see it lean into content distribution: It plans to add livestreaming and hosting tools next. Veed started with basic cutting/cropping/merging editing tools, but today it covers a really wide range of other features that speak to the many ways video is used today they include the ability to add in music or other media and manipulate the sound create video effects subtitles and a range of editing tools optimised for specific platforms like YouTube along with enterprise video features such as screen and webcam recording and creating teleprompter text. Veed is sold as a freemium product - “tens of thousands” pay for the service, CEO Sabba Keynejad told me - and it is profitable. Veed currently has 1 million users and annual recurring revenues of $7 million, a figure that is growing quickly: ARR was $6 million just two months ago. Sequoia has picked a promising horse in the startup race. The funding is coming from a single investor, Sequoia, and this is Veed’s first outside money since starting as a bootstrapped business in 2018. Today, a London-based startup called Veed that’s built an online-only, web-based platform for all those video creators to edit and publish their work, is announcing $35 million in funding to double down on strong demand. It’s also because of how accessible it is: It’s become incredibly easy for anyone, whether you’re technical or not, to make, post or watch video. Video is the beating heart of the most popular content online these days, and it’s not just because it’s entertaining.
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