YesVideo, a business that digitizes your old VHS tapes and puts them online, just announced $5 million in funding from Michael Chang and Andy Choi, founders of Greystripe, a mobile-ad network.Besides the influx of money the two provided, the pair were so inspired by the company they jumped on board and have become the company’s CEO and CTO, respectively.
“We realised this is a massive and overlooked market opportunity that we couldn’t resist jumping into,” Chang said in a statement.
YesVideo’s concept is fairly simple. The company allows people to drop off their old home videos at one of the 34,000 retail locations or ship them back from their home. YesVideo charges $20 for every two hours of footage.
Chang claims there are 1 billion to 1.5 billion such tapes out in the world, which would bring their potential revenue stream to be from $20 to $30 billion. Once the digitization is completed, YesVideo ships the original cassette back. Users jump on the YesVideo cloud platform to view, edit, and share their videos.
Chang said he plans on using the $5 million to grow retail relationships and improve digital distribution.
“The vision the company has always had is to be the category leader in this personal long form video.” Chang said in a phone interview. He continues “The current business is awesome and we think the investment can grow the business.”
The business has now received more than $26 million in total funding.
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