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Saturday, July 2, 2022

Videoly raises €120,000 to match review videos with consumers

Did you see those iPhone 6 review videos? I bet you did – whether it’s a new hot tech product on the market, or something you’re looking to buy, its not uncommon to end up on a review video to figure out if that new phone actually bends as well as advertised.

Thanks to the big role these videos play in purchasing decisions (video can increase conversion rate fom 30 – 174%), online retailers would pay to get these up on their site. While it’s easy to grab a YouTube embed, there’s a whole mess of videos and spam to go through, which is where Finnish startup Videoly comes into play after raising a €120,000 seed round, including €70,000 from Reaktor and €50,000 from Tekes.

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According to the founders, the goal of Videoly is to have a video review for every product on earth. What they’ve done is built up a database of videos using partially automatic and partially manual means to correctly match up products to videos, and then qualify them as a professional video or a shaky handheld amateur review.

But it gets more complicated than that. If you’re BestBuy, you probably don’t want a video made by Radioshack up on your site, so Videoly has their database built to steer clear of mixed advertising (if need be).

On the sales side the team has customers like Jolla and a dutch Smartwatch site as pilot customers, but will be launching their application in the Magento e-commerce platform shop in the coming week which will make Videoly available to that large platform. While building up their network of content creators, Videoly says it also has plans to help people making these review videos monetize what they’re doing.

The company is officially headquartered in Finland with two people working at that office, with the rest of the team spread between Moscow and Berlin.

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