Poptent has raised $3 million to keep building its social network around crowdsourced video. It also hired Andy Jedynak as its new chief executive.
The company runs a website hat lets users create their own videos based on major brands. It’s a much cheaper way of making commercials and it taps the zany talents of passionate fans. Users can create their own commercials around known brands for a fraction of the cost of traditional advertising methods. The users can work in groups, carry on conversations, share input on video creation, upload edits, and otherwise collaborate.
The money comes from MK Capital, a Southern California-based digital media investment firm. The deal was led by MK Capital partner Yair Landau, former head of Sony Pictures. the company will use the money to expand its sales and marketing.
Los Angeles-based Poptent has a community of 20,000 video creators. The company tries to unite them with big brand advertisers and their agencies. Poptent taps its users to crowdsource (or solve problems collectively) high-quality commercials and other video.
Poptent, previously known as XLNTads, says it is profitable.
MK Capital has also invested in animated video network Machinima, digital media producer Generate and location-based discovery platform Geodelic. Jedynak served on Poptent’s board before becoming CEO. He previously led Kidzui, a firm that focused on making the web safe for kids. Poptent was founded in 2007 by Rick Parkhill, who remains chairman. Poptent has 20 employees.
Repeat customers include Procter & Gamble, Callaway, Unilever, Nestle, and Anheuser-Busch. Poptent has now raised $6.8 million to date.