VEED

The easy way to create stunning videos, add subtitles and grow your audience.
Batch: 2019 Summer
Status: Unsuccessful

VEED

The easy way to create stunning videos, add subtitles and grow your audience.
Batch: 2019 Summer
Status: Unsuccessful

Company

We are building a simple online video editing platform for short-form content creators, marketers and brands.

It is better than other tools because it is a collaborative cloud platform, that renders videos faster than your device (desktop or phone) and our tools are in line with today's production needs

Our users love it because they don't need to install anything. It is accessible on the web. Also, users love UI's simplicity and ease of use, yet being able to do powerful edits.

They use it because it is simple, saves them time and the video content they make helps them to engage their audiences.

Our vision is to give everyone the ability to tell stories and create amazing content through a democratised set of digital tools.

Founders

TLDR: During university we made £14,000 in revenue and over £5,000 profit in just 5 days! selling Breaking Bad Halloween costumes.

The Story

As sad as we were that Breaking Bad show was coming to an end, we also saw it as an opportunity to cash in on some extra cash.

We realised that the show was ending right before Halloween, so it was obvious to us that there would be a huge demand for breaking bad Halloween costumes due to the shows immense popularity.

We sold each costume on a 5 day lead time but bought everything on next day delivery. This meant we never held any stock and never had to make upfront investments into stock, perfect for students.

We sold the costumes on a one-page website, eBay and Etsy. Unfortunately, we had to stop selling the costumes a little early as there were very little yellow chemical grade hazmat suits left in the UK.

https://twitter.com/sab8a/status/395953042077806592
https://twitter.com/sab8a/status/390159605793169408
https://twitter.com/sab8a/status/389743861758570497

We have known each other for more than 6 years. And we met, well... we met online (and no! Itwasn't Tinder).

We were participating in an online hackathon and started chatting about ideas and projects in an online chat before deciding to meet up and talk in person as both happened to live nearby.

We later realised that we are both are driven and ambitious, get along really well and have complementary sets of skills in design, branding, marketing and development. We started as partners, building a fun project to test our compatibility, but it was not until we both left university that we decided to start a startup full time.

Progress

Key Milestones:

- 30,000 users editing videos each month
- 40,000 Videos being edited each month
- 50-80% Growth MoM
- Live beta product
- Won 3 awards
- no marketing .. yet.

In just 8 months!

In total, we have been working on this for just over a year.

However, we have been working on this exact iteration of the product for the last 5 months after pivoting into the current iteration.

The first 9 months were spent experimenting with different ideas, getting the feel for the market, iterating and testing MVP's and getting feedback from our users. Everything we have learnt in the first 9 months helped us get to where we are today.

We are currently completely bootstrapped and have been working evenings and weekends while contracting for the last 5 month. As of April 2019 we are both moving back into working on VEED full time, with another 8 months of runway and lots of interest from potential investors.

We plan to start adding paid plans in summer 2019 once we finish the beta product.

Lots have changed since we last applied, apart from stats that we have listed below, I believe we have learnt so much from our past experiences running VEED and also matured as
entrepreneurs.

Last application
- 2.000 users a month
- 500 video a month
- Manual Growth

This application
-30,000 users a month
-40.000 videos a month
- 50-80% MoM organic growth

We were part of King's 20, a12-month equity free accelerator inside King's College London aimed to help students get their businesses off the ground. Tim is a King's College London Computer Science alumnus and we were offered to join the programme. The programme was completely free, i.e. We learned how to pitch, got free desk space, won 30k GBP in grant money funding and received mentorship. It was great, we love it!

We also took part in YC summer school last year and attended every office hour. We made some good friends from it that we are still in touch with today!

Idea

I (Sabba) was working as a contractor for googles production agency in London. I was asked by the marketing department to crop a video and add text to it for Instagram.

The marketing department was more than capable creatively to do the task themselves but did not have the right laptops to run video editing software and were intimidated by the software available.

A quick google search later we found there that there was a clear need for the product. Deeper research demonstrated that there was a lot of searching for online editing tools with little to no web tools. The tools available were outdated and not up to scratch.

We are a fully fledged online video editing platform designed for marketers and content creator. To use it, you don't need to download anything, you don't need to signup and we don't add
watermarks.

Without us, users have to turn to a fragmented ecosystem of paid and free mobile apps and updated web tools to get their job done. Or, alternatively, they have to download and learn how to use complex editing platforms, such as Final Cut Pro and Adobe After Effects.

Our competitors are Kapwing, Adobe, Apple. I don't think startups should have a fear of competition. We are focusing on making a great product for our users and will evolve our offering overtime to meet their needs.

They don't understand that video editing platforms where designed for editing films and tv shows, not 10-second clips for Instagram & Twitter. This is further supported by the rising community of young content creators using platforms such as TikTok.

We will have a freemium offering.

Users will pay for better quality exports and more tools.

We think we will have a low conversion rate to paid at the start.

Now I don't like projecting crazy numbers because it is to easy to say with little consequence but here goes.

We think we can grow to address 5,00,000 users monthly in the next 2 years with 1% paying $20 a month making $12,000,000 in revenue annually.

In the next 6 years, I believe we build the company to $50m revenue annually thought enterprise and education offerings and developing new products.

Our primary acquisition strategy is to continue to acquire users through search and to date this accounts for 75% of our traffic. Over 500,000 people search for online video editing tools each month and we want to capture as much of that market as possible. Our platform naturally performs really well due to having a high session duration and extremely low bounce rate.

Others

No, we think there is a lot of opportunity in our current idea and look forward to developing new tools under the same company. Such a live video editing platform for streamers, VR & AR Editing..

There was more time between the Stegosaurus and the Tyrannosaurus Rex than between Tyrannosaurus Rex and you right now.

Curious

We want to grow like a YC company and want to learn and contribute to the extended Y Combinator family.

Its well known in the startup community, we also did summer school last year

Comments

Get notified
When there are
0 Comments
Inline Feedbacks
View all comments