Firework raises $55M with India as its growth engine
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US-based web stories platform Firework on Wednesday said it has raised $55 million in series A funding, backed by investors GSR Ventures, IDG, Lightspeed and supported by Sumitomo Corporation, Asahi.
With more than 450 million monthly views and pacing to exceed one billion in three months, Firework said it has embraced an 'India-first policy' that makes the 'mobile-born' country a hub for rolling out strategies and innovations.
Headquartered in Redwood City, California with operations across right countries, Firework partners in India include Jio KaiOS, Airtel Vi, Samsung, MI, OneIndia.in, Google Discover and more.
"Our journey in India over the last 15 months is marked by growth, success and learning, which puts us that much closer to realizing our open web dreams," said Sunil Nair, CEO, Firework India.
The company's mission is to unite websites against the "exploitative walled gardens" and power the open web for the next 20 years, promoting a decentralised environment.
"Firework is strongly built on the values of open web and decentralised internet and will lead the initiative to make the web a more democratic space for all," Nair said.
The popularity of "Stories" format vertical short videos and its growth is validated by Firework's current publisher partners that include India's top telecom operators.
"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. We will exceed 5 billion monthly views by Q4 2021," said Jason Holland, President of Global Business at Firework.
