UNDERKNOWN (BACKYARD MEDIA)
|JOBS MAINTAINED||9 FTE|
|FORECASTED JOBS CREATED||46 FTE (New jobs created from SOFII funding)|
Backyard Media’s main product is content: short videos that are designed to be easy for the audience to consume and share quickly. Advertisers pay to either be incorporated into their content or have their ad displayed alongside the content. The larger their audience base, the more valuable the content becomes to users.
SOFII PROJECT SUMMARY
SOFII funding was used for working capital to develop enhancements to a video content production software that will allow content to be produced without video editing skills in real-time from anywhere in the world.
"SOFII has been instrumental in helping us scale our business in 2019, and into 2020. It has enabled us to invest in our core business which grew over 217% from 2018/2019."
The loan had a snowball effect of enabling us to receive some government grants. We invested in the core business and made some calculated risks, and it has set us on a different footing than before, and we have the wind at our backs as we enter 2020. I would highly recommend SOFII to companies on a growth trajectory. It is non-diluting and we were able to match it with equity investments, of which 60% came from previous investors."