VC firm Raw Ventures has announced a funding initiative that will offer media tech startups at any development stage the chance to raise up to $1m (£788,000) in investment.
The London VC is launching an initiative, called the Global MediaTech Pitch Day, for selected companies to present projects to investors, as well as connect with others in the industry.
Raw Ventures will assess submissions from startups to determine which ones will make it to the final pitch.
The firm said that any stage of startup within the sector was welcome to apply.
“Despite the exponential growth projected for the media industry, reaching over $3tn by 2028, startups in this sector often face limited public opportunities to showcase their ideas,” said Victoria Palatnik, managing partner at Raw Ventures.
“Our mission is to catalyse the global media tech ecosystem, empowering startups at every stage to realise their vision and revolutionise the industry.”
Raw Ventures operates across several tech spaces, including fintech, mobility and medtech, however, the firm has identified what it considers a crucial gap in the media tech market, that being a lack of platforms for startups in the sector to pitch ideas directly to industry-specific investors.
“Media and technology are now ubiquitous, no longer limited to traditional media, television, or cinema. They encompass the Metaverse, platforms like TikTok and Instagram, web3.0 technologies, and of course, AI,” said Renat Lokomet, venture partner at Raw Ventures.
“It shapes our everyday experiences. While AI currently assists in scriptwriting, enhancing visuals, and performing synchronous translation, it will soon learn to create content and even films tailored to our personal preferences.”
Lokomet said the firm aims to “create an event that will captivate everyone involved in the evolution and transformation of the media industry in its broadest sense”.
Applying startups have until 8 August to submit their proposals.