Automated mobile video editing app Magisto announced a $2 million investment from the Russian Mail.Ru Group (LSE: MAIL), one of the world’s largest Internet companies. In addition, Magisto has integrated its offering into Odnoklassniki, (Russia’s Facebook) a wholly owned subsidiary of Mail.Ru Group and the second largest social network in Russia, reaching 33 million daily unique visitors. This brings the total amount of funding raised by Magisto to date to $20.5 million.
Magisto’s an iOS and Android app, is automatically generates videos based on raw footage user shot with the cell phone camera. According to the company report
they now registering two million new users per month and has 20 million registered users.
The company revealed that users are uploading 29 million videos and photos per month. Interestingly, 20 percent of these movies are made up of photos only, taking advantage of the recently launched “photos-only” feature. Movie views per month have reached 18 million a month, and sharing is distributed across the social graph, with Facebook as the most popular. Email is still a popular mode of sharing for 30 percent of users.
“This investment and the integration reflect the universal appeal of Magisto: namely, that sharing experiences, emotion and stories is a basic human impulse, regardless of geography and language, ” said Oren Boiman, CEO of Magisto. “When you combine that elemental need with the ubiquity of the smartphone and the simplicity of Magisto, you arrive at the powerful nexus that is catapulting our company.”
Headquartered in Tel Aviv, Magisto has offices in New York and California.