Cloud-based video creator Animoto closed a $25 million round of funding through the participation of Spectrum Equity Investors and Madrona Venture Group. Animoto's service is a free service, with subscription options, that lets users create slideshows of graphical content on a computer or a mobile phone. Subscription options unlock additional features, such as custom templates or the ability to produce longer videos.
According to Animoto, the funding will be used to investigate development on other mobile platforms, and to expand the company's workforce. The company's earlier round of financing in 2009 netted it $4.4 million. As part of the current round, Ben Sphero of Spectrum Equity Investors will join the company's board of directors.