NZ founded ‘gig economy’ company 90 Seconds sets course to list on ASX
90 Seconds looks set to join fellow NZ-founded ‘gig economy’ company Straker Interactive on the Australian stock exchange.
Technology company 90 Seconds expects to list on the Australian stock market after taking on investment from Australian fund manager Bombora.
90 Seconds, which is headed by its New Zealander co-founder Tim Norton, now based in Singapore, runs an online platform that is mainly used by businesses to farm out the production of promotional videos to freelance production crew and writers.
Sky TV briefly bought into the firm after being impressed as a customer, before selling out.
The company is one of a few ‘gig economy’ companies established by New Zealanders that have found success on the world stage, alongside translation broker Stracker Translations which is already listed on the ASX, and online talent agency StarNow, which was sold to a former US rival last year for ‘tens of millions’.
* ‘Gig economy’ company 90 Seconds scores additional US $ 20m investment
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* Kiwi ‘Uber’ of the corporate video world scores millions from Sky TV, Sequoia
90 Seconds said Bombora and the company’s other venture capital investors had invested A $ 13 million (NZ $ 14m) in the company since September.
Norton said partnering with Bombora had put its vision of creating “the world’s leading cloud video production platform” within reach.
To date, 90 Seconds’ platform had been used to create more than 40,000 videos for businesses including, Amazon, IBM, Unilever, Deloitte and Marriott, he said.
Bombora specializes in investing in companies ahead of listings on the ASX, which its managing director Mike Hill described as “the home of small and mid-cap tech”.
“The ASX is within reach of this middle layer of medium-sized start-ups. In the case of 90 Seconds, it’s a great match, “he said.