Just 2.5 years old, Blend's customers include Facebook, Google, L'Oreal & Macallan, helping engage customers and build loyalty through immersive experiences created through Blend's platform. First-year revenue was £890k (P&L -£1,447m), without a dedicated sales team, for which the company now seeks investment.
Blend's drag and drop self-serve platform makes it easy for anyone to create 360 degree experiences in minutes to be viewed on any web browser, social media or an app. The platform was released in Spring 2018 and Deloitte, Universal Music and others are already subscribers.
Blend has also built a large library of 360 video content and a global network of professional 360 video/VR creators, to provide an end-to-end solution for its clients.
The company has, within just 2.5 years of trading, provided services to over 30 brands including Facebook (with whom it strategically partnered in April 2017), Google, Intel, L'Oreal, Macallan, NASA and others.
Size of the opportunity:
- the ad spend market is valued at $572bn, forecast to grow to $633bn by 2022
- the digital market is valued at $237bn, forecast to grow to $348bn by 2022
- the mobile market is valued at $112bn, forecast to grow to $244bn by 2022
- the VR market is valued at $2bn, forecast to grow to $27bn by 2022
- the enterprise VR training market will generate $216m in 2018 and is forecast to grow to $6.3bn by 2022.
Blend aims to create a shift of these spends towards a better engagement platform.
The company's current revenue streams are:
- Licensing content through its online library (revenue share with creators)
- Platform subscription fees
- Production services through a creator network.