Helsinki-based Videoly nabs €6M for European expansion

Videoly, a product video management solution from Finland, has raised a €6 million Series A funding to support its expansion into Europe. Swedish VC Alfven & Didrikson led the round, Tech Funding News reports.

• Founded in 2014 by Nora Huovila and Sergey Andryukhin, Videoly offers brands and retailers automated embedding of product videos to online store pages. Thus, both can achieve millions of monthly views and boost customer engagement.
• Series A round was led by Alfven & Didrikson, a Swedish VC firm operating since 2010. The firm focuses mainly on making investments in fast-growing Northern European companies.
• Several existing investors also participated in the round, including Baltic investors, Vendep Capital and Reaktor, and the angel investor Kim Väisänen from Finland.
• Currently, Videoly’s solution is used by over 400 online retailers and brands globally, reaching millions of consumers every month. Among them are Stadium, Bauhaus, and Gigantti.
• The company now employs around 45 employees in Helsinki and Toronto. Although, the company is planning to double its team size in the Helsinki and Toronto areas over the coming months. 
• The fresh funding will also allow Videoly to accelerate growth in Europe and North America.