Firework raises $55 million in series A funding

Our Bureau Bengaluru | Updated on March 25, 2021

Silicon Valley-based web stories platform, Firework has raised $55 million in series A funding, backed by investors GSR Ventures, IDG, Lightspeed and supported by Sumitomo Corporation, Asahi.

A statement from the company said this investment was seen as a move that will drive the imminent shift from the current popular centralised internet or internet 2.0 to a more decentralised environment of the future or internet 3.0. Firework’s mission is to unite websites against the exploitative walled gardens and power the open web for the next 20 years. Internet 1.0 was used to disburse information through text and images, 2.0 is being used to build walled communities like social media and 3.0 will drive decentralised content on the web.

While Firework’s global web stories initiative focuses on delivering vertical short video innovations for websites and web-based digital assets, their operation across the open web, promoting a decentralised environment, will drive the new digital economy.

With more than 450 million monthly views and pacing to exceed 1 billion in 3 months, Firework has embraced India first policy that makes the “mobile-born” country a hub for rolling out strategies and innovations. “Firework is strongly built on the values of the open web and decentralised internet and will lead the initiative to make the web a more democratic space for all,” Firework CEO Sunil Nair said.

In an internet 2.0 model, simple business websites, while considered user experience in any communication strategy, rely far too heavily on driving their audiences off-site into alternative channels. In fact, a recent report by HubSpot suggests that 55 per cent of website visitors spend less than 15 seconds browsing. This is driven by poor user experience. The success of a website is generally determined by the time spent on a website, a metric that has been steadily declining. However, with Firework, any simple text and image-based website or e-commerce platform can deliver social media like immersive and engaging experience with swipe-able, exciting, brand-focused vertical short videos.

Nair further added, “Firework has created an ecosystem with which it is empowering both publishers and brands to independently be able to offer the best of social media without having to share user data and compromise on privacy issues.”

According to Jason Holland, President of Global Business, “Firework will power internet for the next two decades with vertical video web stories as a currency. As we upgrade and connect the global open web for internet 3.0, publishers and businesses will leverage on another in creating a unified content consumption experience that’s never been made available. All of this is driven by Firework technology, content creation tools, e-commerce capabilities, monetisation innovation, and data-first capabilities. We will exceed 5 billion monthly views by Q4 2021.”

Published on March 25, 2021

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