KitSplit, the camera rental marketplace, raises $2.1 million to democratize the film and video production process
The burgeoning online community reimagining the Hollywood studio system as a local marketplace closed a twice-oversubscribed seed round from leading marketplace and media investors
NEW YORK, Feb. 22, 2018 /PRNewswire/ — KitSplit, the fastest-growing marketplace for camera rentals, today announced a $2.1 million seed round of funding. The company accepted investment from HearstLab, Entrepreneurs Roundtable, 3311 Ventures, NYU Innovation Venture Fund, WTI, and Instagram cofounder Mike Krieger, among others.
“After rapid growth in New York, there is huge demand for KitSplit across the country. We will grow our team and invest deeply in expansion to meet demand in Los Angeles, the largest market for film production. Our expansion will make it easy for creators to access high quality production equipment, insurance, expert advice, and connections,” said KitSplit cofounder and CEO Lisbeth Kaufman.
“Every KitSplit partner, including every investor we’ve just bought on, is an advocate of our creator-first philosophy,” cofounder and President Kristina Budelis added, “and we’re thrilled to have their support.”
KitSplit saves filmmakers, photographers, and other visual creatives time and money, making it easier to get gear and insurance. They can rent from thousands of vetted owners, and get a better experience with individualized attention. KitSplit also provides a comprehensive gear advice and concierge service as well as monthly community events. Gear owners can earn extra income renting out their gear and marketing their services.
“KitSplit unlocks potential by making it easier for creators to source the gear they need,” said Chris Wilkes, VP, HearstLab. “It’s a game-changer for the creative community and as an investor we see big promise in the ability to grow into a very large collaborative network that gives visual creators better solutions.”
The seed funding round follows impressive growth since the company’s initial pre-seed round in 2016. KitSplit has grown revenues more than 10 times, acquired a competitor, and built a community of over 30,000 members in New York and Los Angeles.
About KitSplit
KitSplit (http://www.kitsplit.com) enables visual storytellers to become their own studio with access to world-class gear and services. It’s been called “the AirBNB of cameras” because it enables its vetted community to rent gear to and from each other. Ultimately, the company is building a one-stop shop empowering visual storytellers.