Hamburg tech startup Cofenster secures EUR 8 million
Videos for all in their everyday work is what Hamburg startup Cofenster promises. This B2B company is developing software to facilitate the making of videos for business communication. The startup has now collected a total of EUR 8 million in a Series A finance round. The round is being led by Signals Venture Capital from Berlin, the startup founders said in a statement. In addition, current investor Capnamic is increasing its stake, followed by the digital branches of the KSK (Artists’ Social Fund), the Bremen savings banks and several business angels.
Video as key instrument in business communication
Cofenster was set up in 2020 by Tom Vollmer, Oliver Wegner and Finn Frotscher. Their basic business idea: The staff of large and family-owned companies should be able to produce quality videos using an app on their own smartphones that are in line with the company’s branding. By this means, the growing paradigm shift from text to video would be embedded in the company’s internal communications. Anyone, from a 16-year-old apprentice to the 65-year-old CEO, would be able “to make a professional video in short order, because we have simplified or automated all the central tasks in video management,” Chief Product Officer Wegner says. Apart from shooting and cutting the video, this includes automatic addition of text blocks, music in the public domain and subtitles. Among the long-term aims is better retention of staff.
Cofenster is showing rapid growth
Just months after being set up in 2020, Cofenster was able to convince major companies of the usefulness of its video software, including global players like Allianz, Microsoft and Accenture. The startup’s turnover has increased ninefold following the conclusion of a seed funding round at the start of 2021. Investment from the Series A round is to be used to launch the company on the international market and on product development.