NEW YORK, May 28, 2020 /PRNewswire/ -- Stringr, creator of the largest international on-demand video news service, today announced that it has raised $5.75 million in a new round of financing, driven by investments from Thomson Reuters Ventures, as well as returning venture investors G5 Capital and Advection Growth Capital. Founded in 2014, Stringr has secured more than $7.25 million in financing to date.
The influx of fresh capital will enable Stringr to develop additional tools and technologies that will help news outlets provide riveting coverage. The company will also continue to grow its vast network of professional videographers, who can be mobilized at a moment's notice to gather vital on-the-ground footage for media outlets.
"This support from new and existing investors, is proof-positive that we're making a real difference - at a time when the whole world is shaken and reliable news reporting is critical," said Lindsay Stewart, CEO and co-founder of Stringr. "With their help, we're working on giving journalists more advanced tools than ever before, because good journalism is more important than ever before."
"At Reuters, we want to ignite growth in our industry and provide better resources for new and existing customers," said Alphonse Hardel, global head of business development and strategy, Reuters. "Stringr brings a new level of innovation to newsgathering and we're thrilled to lend our support."
As a first-time investor in Stringr, Thomson Reuters joins existing investors G5, the Associated Press, and Advection. Since its earlier funding rounds, Stringr has dramatically increased the size and reach of its network from 65,000 videographers to more than 100,000. Technology upgrades have also been put into place on the platform itself; including live streaming, instant transcription services, turnkey editing tools, and more.
"Stringr continues to grow its network of contributors impressively," said Jim Kennedy, senior vice president of strategy for AP. "And its clients are getting the benefit of expanded coverage of critical news events like the COVID-19 pandemic."
Stringr's progress enabled the company to broker and grow its relationship with the Google News Initiative (GNI); which continued into this year. Through this initiative, the footage and news packages that Stringr develops reach 75% of all American households. The program makes available vital news footage through the end of the US 2020 election, at which point it will pivot to focus on international elections. Stringr is also currently distributing coronavirus and COVID-19-focused feature news packages worldwide with GNI through the end of May.
In addition to its work in the news world, Stringr also launched its brand-focused video content development arm, Embed Studios. Embed leverages the Stringr videographer network to create brand and studio content faster and more cost-effectively. To date, the studio has produced work for Corcoran, Zillow, HBO Max, Amazon, Lightworkers, TikTok, Mastercard, United Way, and MGM, among others. At a time when many TV, film, and marketing personnel are waiting for things to open up again, Stringr's Embed Studios is helping projects get back up and running while accommodating lean budgets and without requiring travel or breaking social-distancing guidelines.
"Things are changing rapidly in the media world because of the current landscape. Adaptation is critical," added Stewart. "With the help of our funding partners, we're giving newsrooms, studios, and content creators the tools they need to survive and thrive. That's what we're here for and we feel fortunate to have partners that share our vision."
Stringr (http://www.stringr.com) is a comprehensive video news and content provider built on a proprietary, international network of more than 100,000 responsive videographers. Leveraging this network and its marketplace platform, Stringr provides broadcast-quality video and custom news packages to every major US market and the United Kingdom. Stringr is based in NYC and was founded in 2014 by Lindsay Stewart and Brian McNeill, who met at The Wharton School.