Memmo’s Video Platform and Strong Early Growth
Memmo is a media startup that has created a platform to rival celebrity message company Cameo. Both the startup and the company have very similar business platforms that offer the purchase of personalized messages from celebrities to consumers. The startup serves mostly as a platform for the interaction to take place, creating a marketplace for the demand and then taking a small portion of the transaction price in order to sustain itself.
What sets the startup and company apart from one another is Memmo’s focus on a larger international customer base. After being founded in Stockholm, Sweden, the video message startup has branched out, focusing their business on more local marketplaces for countries such as Sweden, Germany, Finland, Norway, the United Kingdom (UK), Spain, Italy, and Canada while also offering a global marketplace for more well-known public figures. This international approach is already paying major dividends for the startup as business has continued to increase at a steady rate.
In fact, the platform created by the startup is already being used to send over 100,000 messages every month. On top of this, business has grown tremendously with a 50% increase in sales every single month from July of last year to January of 2021. This incredible trajectory for the company has brought out a large host of investors looking to help build up the business.
Series A Funding for Memmo and Future Plans
In Memmo’s Series A funding round, the video message company raised a strong $10 million. The funding round was led by Left Lane Capital with participation from Lukasz Gadowski, FJ Labs, Maria Raga, Spencer Rascoff, Inbal Leshem, Fredrik Hjelm, Dennis Yang, and Elias Aalto. The funding will allow the company to build out features such as live video into the platform and provide stronger business offerings for celebrities. Other features include the capability for companies to use celebrity voices for corporate messages and team motivation activities.
When commenting on the business expansion and recent investment into the startup, co-founder and managing partner of Left Lane Capital, Harley Miller said, “We’ve been impressed with the pace at which Memmo has expanded their offering across markets, where localization is critical to unlocking marketplace liquidity. The ability to monetize the gap between wealth and fame for talent & celebrities, all the while allowing them to engage deeply with fans, is a trend that was only further underscored by the pandemic.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.