Sydney-based video startup, Vloggi, has launched a $750,000 equity crowdsourced fund raise on Australian platform, OnMarket.

The funds are earmarked to transform Vloggi into an enterprise tool and expand its international subscriber base, according to founder and CEO, Justin Wastnage.

Vloggi is a video submission management platform that utilises AI to process, sort, and annotate user-generated video for business use. The company claims the platform is used by more than 3,000 companies worldwide, including Amazon, Qantas, MYOB, PayPal, CNN, and various Australian government agencies.

According to Grand View Research, the user-generated video (UGV) market is experiencing significant growth, with a nearly 30 percent year-on-year increase. B2B sales account for over 63% of the total UGV software market, which is currently valued at US$5.4bn.

Vloggi has been recognised for its innovative approach, being selected to participate in the NSW Government Going Global B2B SaaS US export program and AusTrade's San Francisco Landing Pad pre-accelerator. The platform's government users include the Australian Department of Foreign Affairs and Trade, The City of Sydney, The state government of Telangana, India, and the City of Toronto.

In late 2022, Vloggi was a finalist in the Best Innovation in Government Technology award at the International Government Communication Forum.

Wastnage has high hopes for the funding round. "This funding will be used to transform the product into an enterprise tool while supporting marketing and other activities to extend Vloggi’s growing international subscriber base," he said.

He sees the platform as a unique solution, adding, "This is a brand new concept because it removes a multitude of processing, storage and analytical pressures simultaneously".

Wastnage also highlighted the growing trend towards video as a preferred mode of communication, particularly among younger generations.

"We’re currently seeing a strong shift to video as the preferred mode of communications, especially for younger people weaned on the internet and social media, most notably millennials, now firmly ensconced in the workforce and making their way up the ranks," he said.

Despite the broader startup tech sector facing significant challenges, Wastnage remains optimistic about Vloggi's future.

"While the broader startup tech sector endures one of its toughest tests ever, Vloggi is looking forward to an exciting new chapter as user-generated-video continues its sharp upward trajectory as not only the medium of choice for engaging with customers, but increasingly as the preferred - and more powerful - platform for professional communications amongst the younger generation of workers," he concluded.