Monarch, a subscription-based platform that aims to help consumers “plan and manage” their financial lives, has raised $4.8 million in seed funding.

Accel led the round, which also included participation from SignalFire, and brings the Mountain View-based yet fully distributed startup’s total funding since its 2019 inception to $5.5 million.

Co-founder and CEO Val Agostino was the first product manager on the original team that built Mint.com. There, he said, he saw firsthand that Americans with a greater understanding of financial matters “needed software solutions that went beyond just tracking and budgeting.” 

“They needed help planning their financial future and understanding the tradeoffs between competing financial priorities,” he said.

Monarch aims to help people address those needs with software it says “makes it easy” for people to outline their financial goals and then create a detailed, forward-looking plan toward achieving them. 

“We then help customers track their progress against their plan and automatically course correct as their financial situation changes, which it always does,” Agostino said.

Monarch came out of private beta in early 2021 with apps for web, iOS and Android, and is priced at $9.99 per month or $89.99 per year. The startup intentionally opted to not be ad-supported or sell customers’ financial data.

These approaches are “misaligned with users’ financial interests,” Agostino said.

“We felt that a subscription business model would best support that ethos and align our users’ interests with our own,” he added. Since launching publicly, Monarch has been growing its paid subscriber base by about 9% per week.

Monarch launched during the pandemic, the uncertainty of which carried over into people’s financial lives, believes Agostino.

“As a result, we saw a lot of people make use of Monarch’s forecasting features to compare different ‘what if ‘scenarios such as switching jobs or moving to a different city or state,” he said.

Earlier this month, TechCrunch reported on a company with a similar mission, BodesWell, teaming up with American Express on a financial planning tool for its cardholders. Agostino said that Monarch is similar to BodesWell in that both startups help customers map a financial plan and future. 

“The difference is that Monarch also has a full suite of PFM tools, such as budgeting, reporting and investment analysis,” he said. “The benefit to the consumer is that because Monarch is connected to your entire financial picture, we can help you actually stay on track with your financial plan and/or update the plan in real time if needed.”

Accel’s Daniel Levine said that until he came across Monarch, he was “somehow still a Mint customer despite its obsolescence.”

Over the past decade, the landscape for financial products has expanded dramatically, with more people having brokerage and crypto accounts, for example, Levine said.

In his view, Monarch stands out for a couple of reasons. For one, it’s a subscription product.

“One thing I always hated about Mint was when it would suggest the objectively wrong credit card for me,” Levine said. “It has all of my transaction data, it should tell me the card with the best rewards for me. Monarch is set up to never compromise what’s best for the user in favor of advertising.”

Secondly, Monarch’s aim is to serve as the infrastructure for its customers. To do that, it needs to monitor all of someone’s finances. 

“They need to track checking, credit cards, brokerage, real estate and crypto,” he said. “Monarch is committed to doing that. It’s an incredibly painful problem and even though Monarch is a new entrant in the space, I think they’ve clearly separated themselves on that dimension.”

News that China’s government may force domestic tutoring-focused companies to go nonprofit is taking a huge bite out of the value of several technology companies. Bloomberg notes that the value of companies like New Oriental Education & Technology Group and TAL Education are tumbling in light of the news, which would constitute merely the latest salvo against tech companies in the autocratic country.

New Oriental’s Hong Kong-listed shares fell 44.22% in after-hours trading after the nonprofit news broke, while NYSE-shares of TAL are off an even sharper 51.75% in pre-market trading. With Yahoo Finance listing a roughly $13.8 billion market cap for TAL ahead of its impending declines at the market open, billions of equity value are about to get deleted. The list goes on: China Online Education Group is off 39.97% in after-hours trading, for example.

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A new decision by China’s government to exert more control over a sector of its domestic economy should not surprise. And we shouldn’t be shocked that online tutoring is in the country’s targets; today’s news is a follow-up to prior regulatory action in the sector from earlier in the year.

As China has become synonymous with edtech startups in recent years, the news impacts more than just public companies. The expected rules change may also hit a host of private, venture-backed companies.

For example, what will happen to Yuanfudao? The company was valued at $15.5 billion last year, offering what TechCrunch described as “live tutoring, an online Q&A arm and a math-problem-checking arm.” Will the company see its wings clipped?

Or how about Zuoyebang, which raised $1.6 billion in a single round last year? TechCrunch wrote that Zuoyebang offers “online courses, live lessons and homework help for kindergarten to 12th grade students.” Is it in trouble as well?

All this comes on the same day that shares in Zomato began to float, with the Indian online food delivery company seeing its shares close up nearly 65% in their first day’s trading. TechCrunch has viewed the Zomato IPO as a possible bellwether for the larger Indian startup market, and the results augur well for other growth-focused, loss-making unicorns in the country.

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

We were a smaller team this week, with Natasha and Alex together with Chris to sort through yet another summer frenzy of a week.

This time around we actually recorded live on Twitter Spaces, which was a first for the podcast. If you missed it, it’s probably because we didn’t promote the taping since it was just an experiment. Good news, though, is that it went well, and we’re going to do some more live tapings of the show with the entire crew on the mics. Make sure to follow the show on the Big Tweet to ensure that you can come hang with us next week. We’ll also do some Q&A at the end, if we’re in good moods.

Until then, let’s live in the present. Here’s what we got into in today’s show:

The blisteringly hot EU startup market: You can raise money anywhere, but you might want to do it in Europe, where VCs are putting acre-feet of capital to work this year. Hours before the taping, Index Ventures announced a $3 billion trio of funds (and TikTok strategy?), basically solidifying our earlier reporting.The huge round for crypto trading house FTX, and OpenSea raising again: Regardless of whether or not you are paying attention to the crypto market today, investors are still firing capital at startups in the space at an eye-catching pace.Duolingo’s first IPO price range: It’s a good-news week for consumer-focused, edtech startups, since the public markets will finally get a taste of a non-enterprise sector startup. Plus, Duolingo’s upcoming finance event could lead to them finally bolstering areas like speech, cultural norms and fluency.From the world of funding rounds, we had notes on Sololearn, Numerade, NewCampus, Mural, Spreadsheet.com and Bolt. The conversation ran into some fresh corners, such as how a company raised less than its preceding round but 4x’d its valuation and if we should bite-size all learning.And we chatted about Clubhouse leaving beta. Live on Twitter spaces. What can you do?

Your startup might rely on clever growth tactics to get off the ground, but you need more than spreadsheets if you want to turn viral spikes into a real business. You need a qualitative growth model to guide the strategy that you can use to tell your story to your team and investors.

Growth marketing expert Susan Su sat down with us at TechCrunch Early Stage: Marketing and Fundraising this month to share pointers for young companies that are trying to raise money after initial market traction. In the presentation below, she maps out a growth strategy from seed through Series A and B rounds and details how your milestones, budgets, investor updates and other measures change as you advance.

Throughout the process, “a qualitative model tells the story of growth that you can use at early stages and really all throughout your company life cycle,” she explains. “A quantitative model or quantitative growth accounting charts the numerical course for how you actually deliver against that narrative and becomes more relevant at later stages when you actually have real numbers.

Formerly a strategic growth adviser to companies at Sound Ventures, a growth marketing lead focused on startups at Stripe, and the first hire and head of growth at Reforge, Su just became a partner investing in climate tech for early-stage fund Toba Capital. She also writes a popular newsletter on climate investing and runs a six-week course for other investors on the topic.

Here’s more about growth, and how to talk about it with investors, from her presentation:

So here’s a sample qualitative growth model that I built for one of our portfolio companies with some modifications for anonymity. At the bottom, we have our linear inputs that form the foundation of awareness — in other words, traffic or leads that feed into our growth machine.

Once those leads come in, we have our acquisition loops, working to turn that non-repeatable spiky linear traffic (aka TechCrunch traffic, if you get so lucky as to be written up in TechCrunch) into scalable, repeatable acquisition. You cannot repeat the TechCrunch effect.

For this sample business, I happened to spec out five different acquisition loops — I was really ambitious. Many companies will struggle to identify this many. But the key to being able to scale is to have multiple viable acquisition loops, not just one single thing that works.

Paystone, a payments and integrated software company, secured another strategic investment this year, this time $23.8 million ($30 million CAD) from Crédit Mutuel Equity, the private equity arm of Crédit Mutuel Alliance Fédérale.

The Canada-based company got its start in 2008 as the payment processing company Zomaron, and rebranded itself as Paystone in 2019. Today it provides electronic payments and customer engagement technology to businesses, particularly those that provide services, CEO Tarique Al-Ansari told TechCrunch.

“Paystone is on a mission to help businesses grow, and we were enthralled by their commitment to that mission and their focus on service-oriented verticals,” said Léa Perge, investor at Crédit Mutuel Equity in Canada, via email.

While most of the company’s peers focus on product companies, Al-Ansari saw how underserved the service side was: their needs are different, and unlike retail, aren’t looking to sell online. Rather, they need an online presence and digital marketing to engage with customers, but their focus is being findable and having content that tells people why they should do business with them.

Paystone provides the marketing through content, help with reviews and with loyalty and rewards programs. However, rather than reward for spending, Paystone rewards for behavior. Refer a friend, get a reward. Write a review, get a reward. Al-Ansari calls it “payments as a benefit.” Referrals and reviews are how businesses become more findable, and the more content that’s out there, the more it helps people consider the business trustworthy, he added.

The new funding gives Canada-based Paystone total funds raised in 2021 of $78.8 million in a mix of debt and equity. It raised $54.9 million in January, funds that were barely touched as of yet, Al-Ansari said.

Though he wasn’t actively seeking new funds, Al-Ansari had been speaking with Crédit Mutuel Equity, which used to be CIC Capital Canada, prior to the pandemic, and their deal was put on hold.

Crédit Mutuel Equity came back with similar interest, and taking into account the kind of talent Paystone wanted to go after and its acquisition strategy — the company has already acquired five companies — Al-Ansari decided to take the additional funds. He said it gives the company options to hire more and double down on building the company, as well as enough capital to look for more acquisitions.

This year, Paystone entered the U.S. market for the first time and will do a proper launch later this year. The company has over 30,000 merchant locations on its platform throughout North America, and Al-Ansari expects that to grow by 5,000 this year. The company has 150 employees currently, and another 50 are expected to come on board by the end of the year.

In addition, Al-Ansari expects growth to accelerate for the rest of the year. The company processes around $6 billion in credit card payments and is on track to bring in $55.7 million in revenue this year. It is cash flow positive, residuals from the company’s origins of being bootstrapped, he said.

“We want to become the go-to destination for service businesses to set up a digital presence to accept payments and provide loyalty and rewards,” Al-Ansari said. “We will do this by solidifying our market position and growing our platform with the tools that customers want.”

 

Open-source framework startup Serverless Stack announced Friday that it raised $1 million in seed funding from a group of investors that includes Greylock Partners, SV Angel and Y Combinator.

The company was founded in 2017 by Jay V and Frank Wang in San Francisco, and they were part of Y Combinator’s 2021 winter batch.

Serverless Stack’s technology enables engineers to more easily build full-stack serverless apps. CEO V said he and Wang were working in this space for years with the aim of exposing it to a broader group of people.

While tooling around in the space, they determined that the ability to build serverless apps was not getting better, so they joined Y Combinator to hone their idea on how to make the process easier.

Here’s how the technology works: The open-source framework allows developers to test and make changes to their applications by directly connecting their local machines to the cloud. The problem with what V called an “old-school process” is that developers would upload their apps to the cloud, wait for it to run and then make any changes. Instead, Serverless Stack connects directly to the cloud for the ability to debug applications locally, he added.

Since its launch six months ago, Serverless Stack has grown to over 2,000 stars on GitHub and was downloaded more than 60,000 times.

Dalton Caldwell, managing director of YC, met V and Wang at the cohort and said he was “super impressed” because the pair were working in the space for a long time.

“These folks are experts — there are probably just half a dozen people who know as much as they do, as there aren’t that many people working on this technology,” Caldwell told TechCrunch. “The proof is in the pudding, and if they can get people to adopt it, like they did on GitHub so far, and keep that community engagement, that is my strongest signal of staying power.”

V has earmarked the new funding to expand the team, including hiring engineers to support new use cases.

Serverless initially gravitated toward specific use cases — APIs are now allowing its community to chime in and it is using that as a guide, V said. It recently announced more of a full-stack use case for building out APIs with a database and also building out the front end frameworks.

Ultimately, V’s roadmap includes building out more tools with a vision of getting Serverless Stack to the point where a developer can come on with an idea and take it all the way to an IPO using his platform.

“That’s why we want the community to drive the roadmap,” V told TechCrunch. “We are focused on what they are building and when they are in production, how they are managing it. Eventually, we will build out a dashboard to make it easier for them to manage all of their applications.”

 

It’s pretty easy for individuals to send money back and forth, and there are lots of cash apps from which to choose. On the commercial side, however, one business trying to send $100,000 the same way is not as easy.

Paystand wants to change that. The Scotts Valley, California-based company is using cloud technology and the Ethereum blockchain as the engine for its Paystand Bank Network that enables business-to-business payments with zero fees.

The company raised $50 million Series C funding led by NewView Capital, with participation from SoftBank’s SB Opportunity Fund and King River Capital. This brings the company’s total funding to $85 million, Paystand co-founder and CEO Jeremy Almond told TechCrunch.

During the 2008 economic downturn, Almond’s family lost their home. He decided to go back to graduate school and did his thesis on how commercial banking could be better and how digital transformation would be the answer. Gleaning his company vision from the enterprise side, Almond said what Venmo does for consumers, Paystand does for commercial transactions between mid-market and enterprise customers.

“Revenue is the lifeblood of a business, and money has become software, yet everything is in the cloud except for revenue,” he added.

He estimates that almost half of enterprise payments still involve a paper check, while fintech bets heavily on cards that come with 2% to 3% transaction fees, which Almond said is untenable when a business is routinely sending $100,000 invoices. Paystand is charging a flat monthly rate rather than a fee per transaction.

On the consumer side, companies like Square and Stripe were among the first wave of companies predominantly focused on accounts payable and then building business process software on top of an existing infrastructure.

Paystand’s view of the world is that the accounts receivables side is harder and why there aren’t many competitors. This is why Paystand is surfing the next wave of fintech, driven by blockchain and decentralized finance, to transform the $125 trillion B2B payment industry by offering an autonomous, cashless and feeless payment network that will be an alternative to cards, Almond said.

Customers using Paystand over a three-year period are able to yield average benefits like 50% savings on the cost of receivables and $850,000 savings on transaction fees. The company is seeing a 200% increase in monthly network payment value and customers grew two-fold in the past year.

The company said it will use the new funding to continue to grow the business by investing in open infrastructure. Specifically, Almond would like to reboot digital finance, starting with B2B payments, and reimagine the entire CFO stack.

“I’ve wanted something like this to exist for 20 years,” Almond said. “Sometimes it is the unsexy areas that can have the biggest impacts.”

As part of the investment, Jazmin Medina, principal at NewView Capital, will join Paystand’s board. She told TechCrunch that while the venture firm is a generalist, it is rooted in fintech and fintech infrastructure.

She also agrees with Almond that the B2B payments space is lagging in terms of innovation and has “strong conviction” in what Almond is doing to help mid-market companies proactively manage their cash needs.

“There is a wide blue ocean of the payment industry, and all of these companies have to be entirely digital to stay competitive,” Medina added. “There is a glaring hole if your revenue is holding you back because you are not digital. That is why the time is now.”

 

Meet Kitchenful, a new German startup backed by Y Combinator that wants to make it easier to cook at home by taking care of menu ideas and grocery shopping. The service is currently available in early access in Germany, with a focus on Berlin and Munich.

When you sign up to Kitchenful, you first have to set your preferences and goals. You can choose vegan, vegetarian, dairy-free and gluten-free options, but you can also focus on low-carbs recipes, a diet focused on healthy fats, etc.

After that, you get a meal plan for the coming week. You can review and customize each meal. For instance, if you plan to have guests, you can add a couple of persons to your Tuesday dinner. You can also remove vegetables if you usually buy your vegetables at a farmers’ market.

Once you’re ready to order, a virtual grocery basket is automatically generated for the user. You can review, add something that isn’t on the list, such as household items, and confirm.

Kitchenful then transfers your list of items to a major supermarket near you. The startup doesn’t fulfill orders directly — they rely on partners for that part of the process. That’s why Kitchenful describes itself as a grocery concierge service.

“Our main revenue stream is a concierge fee which we collect directly from our users for creating personalized weekly menus, handling the basket creation process, providing personalized cooking instructions for the recipes as well as leftover ideas. Additionally, we receive a commission from our supermarket partners per generated order,” Kitchenful co-founder and CEO Christian Schiller told me.

This isn’t Schiller’s first experience in food delivery. He previously spent four years as vice president of Product at HelloFresh, a popular meal-kit company.

Kitchenful is just getting started. It has raised $1 million from Y Combinator, N26 co-founder and CEO Valentin Stalf, Souq co-founder Samih Toukan, Highsnobiety’s David Fischer, DurstExpress MD Maik Ludewig and Mendeley co-founder Victor Henning.

The company has established partnerships with REWE in Germany, and Walmart and Kroger in the U.S. By partnering with supermarkets, Kitchenful can offer a greater variety of products at supermarket prices.

It’s a different take on meal kits, with a different approach to logistics, so it’s going to be interesting to see if Kitchenful becomes a popular alternative to both grocery delivery and meal-kit services.

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The global pandemic highlighted inefficiencies and inconsistencies in healthcare systems around the world. Even co-founders Mayank Banerjee, Matilde Giglio and Alessandro Ialongo say nowhere is this more evident than in India, especially after the COVID death toll reached 4 million this week.

The Bangalore-based company received a fresh cash infusion of $5 million in seed funding in a round led by Khosla Ventures, with participation from Founders Fund, Lachy Groom and a group of individuals including Palo Alto Networks CEO Nikesh Arora, CRED CEO Kunal Shah, Zerodha founder Nithin Kamath and DST Global partner Tom Stafford.

Even, a healthcare membership company, aims to cover what most insurance companies in the country don’t, including making going to a primary care doctor as easy and accessible as it is in other countries.

Banerjee grew up in India and said the country is similar to the United States in that it has government-run and private hospitals. Where the two differ is that private health insurance is a relatively new concept for India, he told TechCrunch. He estimates that less than 5% of people have it, and even though people are paying for the insurance, it mainly covers accidents and emergencies.

This means that routine primary care consultations, testings and scans outside of that are not covered. And, the policies are so confusing that many people don’t realize they are not covered until it is too late. That has led to people asking doctors to admit them into the hospital so their bills will be covered, Ialongo added.

Banerjee and Giglio were running another startup together when they began to see how complicated health insurance policies were. About 50 million Indians fall below the poverty line each year, and many become unable to pay their healthcare bills, Banerjee said.

They began researching the insurance industry and talking with hospital executives about claims. They found that one of the biggest issues was incentive misalignment — hospitals overcharged and overtreated patients. Instead, Even is taking a similar approach to Kaiser Permanente in that the company will act as a service provider, and therefore, can drive down the cost of care.

Even became operational in February and launched in June. It is gearing up to launch in the fourth quarter of this year with more than 5,000 people on the waitlist so far. Its health membership product will cost around $200 per year for a person aged 18 to 35 and covers everything: unlimited consultations with primary care doctors, diagnostics and scans. The membership will also follow as the person ages, Ialongo said.

The founders intend to use the new funding to build out their operational team, product and integration with hospitals. They are already working with 100 hospitals and secured a partnership with Narayana Hospital to deliver more than 2,000 COVID vaccinations so far, and more in a second round.

“It is going to take a while to scale,” Banerjee said. “For us, in theory, as we get better pricing, we will end up being cheaper than others. We have goals to cover the people the government cannot and find ways to reduce the statistics.”

 

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Earlier this month, Cowboy Ventures’ Ted Wang joined us at TechCrunch Early Stage: Marketing and Fundraising, where he spoke about executive coaching and why he encourages founders in his portfolio to have a CEO coach. Wang, who has an executive coach himself, sees coaching as a key way to drive sustained personal growth, a factor that he believes separates the middling CEOs from the best ones.

Why CEOs need coaching

Just like professional athletes at the top of their game still need coaching, executives can need external validation and comment on where they are and aren’t delivering, Wang says. These insights can be tough for executives to catch on their own and might require a level of honesty that can be challenging for a CEO to expect from anyone involved with their company.

Roger Federer — the famous tennis player who has won 20 Grand Slam events — he has a coach, but he doesn’t just have a coach, he has a coach for tennis. I’m pretty sure Roger knows the rules of the game and all the different strokes he needs to hit, so why would he have a coach? The answer is really that it’s about having a second set of eyes; when you’re in the moment … it’s hard to be able to see yourself and assess yourself. (Timestamp: 4:52)

Coaches can help entrepreneurs reflect and reframe the things being communicated with them.

A good example — you might be at a board meeting and one of your board members is being critical of your VP of marketing, and one way to think of that is “Oh, OK, here are some things we need to solve for this person,” but another point of view that a coach might open your eyes to, is actually maybe this person thinks you’re not hiring the right people. (Timestamp: 8:59)

While advisers can help startups navigate tactical situations, therapists may be more focused on helping clients navigate emotional states and improve themselves. Coaching exists in a very nebulous gray area between startup advisers and licensed therapists, Wang says, but coaching is more focused on improving yourself as a business leader rather than solving a particularly vexing startup issue.

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VOCHI, a Belarus-based startup behind a clever computer vision-based video editing app used by online creators, has raised an additional $2.4 million in a “late-seed” round that follows the company’s initial $1.5 million round led by Ukraine-based Genesis Investments last year. The new funds follow a period of significant growth for the mobile tool, which is now used by more than 500,000 people per month and has achieved a $4 million-plus annual run rate in a year’s time.

Investors in the most recent round include TA Ventures, Angelsdeck, A.Partners, Startup Wise Guys, Kolos VC and angels from companies like Belarus-based Verv and Estonian unicorn Bolt. Along with the fundraise, VOCHI is elevating the company’s first employee, Anna Buglakova, who began as head of marketing, to the position of co-founder and chief product officer.

According to VOCHI co-founder and CEO Ilya Lesun, the company’s idea was to provide an easy way for people to create professional edits that could help them produce unique and trendy content for social media that could help them stand out and become more popular. To do so, VOCHI leverages a proprietary computer vision-based video segmentation algorithm that applies various effects to specific moving objects in a video or to images in static photos.

“To get this result, there are two trained [convolutional neural networks] to perform semi-supervised Video Object Segmentation and Instance Segmentation,” explains Lesun, of VOCHI’s technology. “Our team also developed a custom rendering engine for video effects that enables instant application in 4K on mobile devices. And it works perfectly without quality loss,” he adds. It works pretty fast, too — effects are applied in just seconds.

The company used the initial seed funding to invest in marketing and product development, growing its catalog to over 80 unique effects and more than 30 filters.

Today, the app offers a number of tools that let you give a video a particular aesthetic (like a dreamy vibe, artistic feel, or 8-bit look, for example). It also can highlight the moving content with glowing lines, add blurs or motion, apply different filters, insert 3D objects into the video, add glitter or sparkles and much more.

In addition to editing their content directly, users can swipe through a vertical home feed in the app where they can view the video edits others have applied to their own content for inspiration. When they see something they like, they can then tap a button to use the same effect on their own video. The finished results can then be shared out to other platforms, like Instagram, Snapchat and TikTok.

Though based in Belarus, most of VOCHI’s users are young adults from the U.S. Others hail from Russia, Saudi Arabia, Brazil and parts of Europe, Lesun says.

Unlike some of its video editor rivals, VOCHI offers a robust free experience where around 60% of the effects and filters are available without having to pay, along with other basic editing tools and content. More advanced features, like effect settings, unique presents and various special effects, require a subscription. This subscription, however, isn’t cheap — it’s either $7.99 per week or $39.99 for 12 weeks. This seemingly aims the subscription more at professional content creators rather than a casual user just looking to have fun with their videos from time to time. (A one-time purchase of $150 is also available, if you prefer.)

To date, around 20,000 of VOCHI’s 500,000 monthly active users have committed to a paid subscription, and that number is growing at a rate of 20% month-over-month, the company says.

The numbers VOCHI has delivered, however, aren’t as important as what the startup has been through to get there.

The company has been growing its business at a time when a dictatorial regime has been cracking down on opposition, leading to arrests and violence in the country. Last year, employees from U.S.-headquartered enterprise startup PandaDoc were arrested in Minsk by the Belarus police, in an act of state-led retaliation for their protests against President Alexander Lukashenko. In April, Imaguru, the country’s main startup hub, event and co-working space in Minsk — and birthplace of a number of startups, including MSQRD, which was acquired by Facebook — was also shut down by the Lukashenko regime.

Meanwhile, VOCHI was being featured as App of the Day in the App Store across 126 countries worldwide, and growing revenues to around $300,000 per month.

“Personal videos take an increasingly important place in our lives and for many has become a method of self-expression. VOCHI helps to follow the path of inspiration, education and provides tools for creativity through video,” said Andrei Avsievich, general partner at Bulba Ventures, where VOCHI was incubated. “I am happy that users and investors love VOCHI, which is reflected both in the revenue and the oversubscribed round.”

The additional funds will put VOCHI on the path to a Series A as it continues to work to attract more creators, improve user engagement and add more tools to the app, says Lesun.

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