Australian Video platform Genero raises $4m to fund US expansion

Australian video startup Genero has raised another $4m from a consortium of investors led the James Packer backed Ellerston Venture Capital Fund.

The company, which recruited former Facebook global marketer Andy McKeon in May and the managing director of IPG Mediabrands’ Ensemble, Harry Preston, last year, plans to use the funds underwrite its US expansion.

McKeon, who founded Sydney independent boutique creative agency Bulldozer Inc in 2007 before taking the role of global creative director at Apple in 2011, was Genero’s first US hire as San Francisco based global chief creative officer.

The company has also appointed Mark Roemer as its client director based in Los Angeles. Prior to joining Genero, Roemer was client director at creative agency Ayzenberg.

“We were already very well funded, but this additional round of investment will help accelerate our growth allowing us to grow our teams across the UK, Singapore and Australia and to enter the US market”, said Genero Co-Founder Mick Entwisle.

“We’re seeing so much demand in the US for an agile solution like ours, so we’re really excited to be putting a great team in place to work with existing partners and clients like Facebook and Google, and to grow our presence across the country.”

“Our increased investment in Genero is testament to our confidence in the strength of the company and its leadership team,” said David Leslie, Investment Director at Ellerston Capital.

“There are major trends across the advertising industry that all support the need for a for a more agile video production model and it’s our view that Genero have built the best solution in the world. We see great things for Genero’s long term growth potential, and were very happy to have an opportunity to make a further investment in their continued rapid growth and expansion into the US”.

Along with its San Francisco and Los Angeles office, Genero is also planning a US office in New York. The company previously raised $4m from Ellerston in 2016 along with an undisclosed amount of seed funding in 2012.

Source Mumbrella.com