|By Marketwire .||
|September 18, 2012 07:30 AM EDT||
TORONTO, ONTARIO -- (Marketwire) -- 09/18/12 --
Editors Note: There are four photos associated with this press release.
Keek, a free social video platform, today announced it has closed a $7 million financing round, bringing the total investment in Keek to more than $12 million. Cranson Capital Securities led the round with participation from Pinetree Capital Ltd (TSX:PNP) and Whitecap Venture Partners. The new financing will accelerate expansion to meet surging demand for its social video sharing service.
Unlike competitors in its class, Keek's community is logging a massive amount of original user-generated videos and social activity. Since launching its mobile apps for iOS and Android in March 2012, Keek has seen significant momentum in community growth and content creation.
- 250 million pageviews and 21 million visits in August 6.4 million total videos, 2 million created in August with 66,000 - videos created per day - 31 million total social actions, 9 million social actions in August
"With its rapidly growing user base and highly active community, Keek is uniquely positioned to dominate this fast-growing market," said Devon Cranson, President, Cranson Capital Securities. "Keek is redefining the future of this space and their recent growth confirms there is a huge demand for social video."
"Keek's recent growth surge is due to its superior technology infrastructure and intuitive user experience," said Sheldon Inwentash, Chairman & CEO, Pinetree Capital. "We're thrilled to be working with such a talented and dedicated team."
"We are committed to delivering the fastest, most engaging social video experience," said Isaac Raichyk, CEO of Keek. "This new funding will allow us to keep the momentum going, accelerate product development, scale the infrastructure and expand globally."
Keek is a new social network that connects people via 36 second video updates known as "keeks". With a host of unique features, Keek is a powerful new way to connect and engage with others. Users can follow and/or subscribe to other users; respond to keeks with text or video comments via "keekbacks"; manage content, settings and real-time activity through a personal dashboard; and monitor performance with a free analytics tool. Keek's latest Klusters feature lets users join group discussions, explore new topics or watch real-time keeks related to current events.
For more information on Keek please visit www.keek.com/about.
Keek is a private, venture-backed, social video platform that allows people to connect and communicate via 36 second video updates. Keek is the fastest way to create and share videos with your smartphone, tablet or laptop. Simple to use, extremely fast and 100% free. Keek is available at the App Store and Google Play.
About Cranson Capital Securities
Cranson Capital Securities is a boutique investment banking firm registered as an Exempt Market Dealer with the Ontario Securities Commission, located in Toronto, Ontario. Cranson Capital specializes in capital raising, debt advisory, commercial mortgages and M&A advisory services for small and medium sized businesses. Cranson Capital raises capital from accredited investors and institutions for private placements primarily in real estate developments and high growth companies.
About Pinetree Capital
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment and venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value-added partner in the resource industry.
About Whitecap Venture Partners
For more than 25 years, Whitecap Venture Partners has been backing great management teams of high growth, early stage businesses across a wide spectrum of sectors. Whitecap has an enviable track record of success in Canadian venture investing and a reputation as a fair, value added, long term partner. Because its capital comes from its partners, Whitecap's investment horizon will never be cut short by artificial time constraints. Based in Toronto, the Whitecap team devotes its time, energy and resources to helping entrepreneurs realize their potential, with the goal of turning young companies into highly successful, thriving businesses.
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