July 29, 2013
ReelGenie, a video creation startup based just outside of Washington, DC, today announced $850,000 in seed funding from CNF Investments, the Maryland Venture Fund, faculty members from the Wharton School, and angel investors.
ReelGenie helps you create videos of events like weddings or vacations by combining your own photos, videos, narration, and music. It’s a tool for the amateur as well as the pro: you can let ReelGenie do the editing and organizing, or customize it yourself. Then, you can share the video online, download it, or buy a DVD. ReelGenie will initially be available through partner websites (I’m assuming things like photo sharing sites), although a consumer version will be released down the line.
Founder and CEO David Adelman credits DC’s alive-and-well angel scene for the funding. “You don’t have to be in Silicon Valley to raise a healthy seed round, even pre-revenue,” he says.
The startup is based in Maryland’s Silver Spring Innovation Center, a low-cost office space created by the Montgomery County Department of Economic Development. And it looks like ReelGenie will be staying in Maryland for the foreseeable future: the Maryland Venture Fund, which is state-funded, requires portfolio companies to maintain office space in the state for five years.
That’s partly why ReelGenie earned some praise from the governor.
“Entrepreneurs and startups like ReelGenie place Maryland at the forefront of innovation and discovery as they create the technologies, companies, and jobs of the future,” said Maryland governor Martin O’Malley.
ReelGenie will use the funding to continue product development and publicly release the product this fall.
Did you like this article?
Get more delivered to your inbox just like it!