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POSCO VC leads Series A for Korean online video provider

  • Andrew Woodman
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POSCO Venture Capital - the corporate VC arm Korean steel maker POSCO - has led a $3 million Series A round of funding for online video start-up Shakr Media.

A number of angel investors also joined the round while POSCO helped the company secure matching funds from the Korean government.

The total amount includes an earlier seed round of $700,000 provided by backers including Korean internet content service operator Naver Corporation and 500 Startups.

Shakr is based is a Seoul and San Francisco and runs a platform that enables small companies to automatically create video clips using information from across the web such as photos and video snippets. It also runs a motion graphics marketplace.

According to a release, the start-up will use the funding to expand its motion graphics marketplace and also push into the advertising sector with the hope of making video ads more accessible to small companies. The marketplace currently has more than 150 videos styles from more than 50 designers, who earn recurring revenue every time one of their video styles is purchased.

POSCO VC was founded by POSCO in 1997 to help build stronger small and medium-sized enterprises in Korea. It invests in sectors such as IT, biotechnology, renewable energy and life sciences.

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