Yuvod, the product-as-a-service (PaaS) for video platforms, is eyeing an all American expansion continuing its success in Latin America. The PaaS provides OTT (over-the-top) video streaming platforms (think Netflix, Disney+ type platforms) to the hospitality, telco and sport sectors.
The company opened for business in Latin America in 2022, which allowed it to double its turnover in that year, and now it has announced it has raised €4 million which will fuel its expansion in the US.
The total funding comes from a €3 million financing round, led by Palomar Capital and includes Navesink Capital, Three Angels and angel investors Bill Luby and Todd Balestro. The additional €1 million funding came from the Valencian Institute of Finance and Enisa.
"This round is a boost of confidence from our investors in the creation of a platform that can automate any OTT that is created worldwide. It will help us drive our business model in the US and Central Europe, and continue to open up new customer verticals such as one-off events or universities," says Yuvod CEO Ricardo Tarraga.
Yuvod's growth in the last year has represented a 203% increase in turnover and the company expects to close 2023 with an ARR of close to €3 million euros.