PublicVine established by Nigerian Nam Mokwunye has received $5 million funding round. Participating investors were left anonymous.
The investment comes as the startup prepares to launch internationally this year on June 6. US-based PublicVine is an online marketplace for both sellers and buyers to share videos that they wish to rent or sell, says a report from Ventures Africa.
According to BusinessDaily, CEO Nam Mokwunye said, “We have secured about $5 million investment in the United States due to the potential that people had seen in it.” Mokwunye added that the platform was designed to revolutionize the use of video content along with its distribution globally.
A large market has already emerged in the West African country. This led PublicVine choosing Nigeria to be the flagship of its video vendor registration (VVR) which has already begun on the site, said Mokwunye in a statement.
“We have seen the local film industry grow astronomically and observed that latent potential for further growth,” Mokwunye added.
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