Bynder Secures $22M In Funding To Support Asset Overload

by @lauriesullivan, August 11, 2016

Bynder, a branding automation company, announced Thursday a $22.3 million Series A funding round from Insight Venture Partners, a New York-based venture capital and private equity firm.

Jeff Horing, managing director at Insight Venture Partners, will join the company’s board of directors. While Chris Hall, Bynder CEO, sees fewer overall investments, VC are willing to invest higher dollar amounts. “They shy away from making investments in companies burning too much cash that are not able to make money,” he said.

Bynder will use the capital to continue its international growth into the U.S. and to support further product development for its digital assets management system. Don’t call the platform a content management system, Hall says. This digital asset management platform comes complete with automated editing tools and search functions. It can automatically scale and crop thousands of images to post on a Web site.

Brands are on content overload, according to Accenture Interactive. Research shows that half of marketers have more digital content than they can effectively manage, and 53% spend more time on the operational details of managing content, rather than aligning their daily tactics to business strategy.

Some 81% participating in the Accenture survey said their organization is producing “moderate to enormous amounts of digital content and assets.” And 92% say they produce more volume today than two years ago, with 90% expecting that volume will increase in the next two years.

Three-year old Bynder now supports more than 150,000 users at 350 brands such as Budget/Avis, Logitech, Groupon, and Lacoste, as well as Akzo Nobel, a Dutch multinational company that provides decorative paints and specialty chemicals. 

Bynder sees about 1 million downloads of assets monthly among the more than 50 million stored. Among those, Akzo Noble employees save about 90 minutes per job and 1,000 man hours annually. Iceland Air, another client, saves about 50% in search time searching through 4,700 stored digital assets, according to Bynder stats.

 

MediaPost.com: Search Marketing Daily

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