Mirage, the maker of video editing app Captions, has raised $75 million in growth financing from General Catalyst’s Customer Value Fund (CVF).
Over the past year, the startup has made significant changes both to its product and corporate identity. The startup rebranded from Captions to Mirage to position itself as an AI lab that produces different models and also caters to industries like advertising and marketing. It has also trained a model specifically for pacing, framing and attention dynamics in short videos.
The company also switched to a freemium model in January 2025 to better compete with apps like ByteDance’s CapCut and Meta’s Edits, which was released later in the year. It now offers a video creation suite as well, with some of the features from Captions, that lets companies create and distribute videos in bulk.
Mirage’s co-founder and CEO Gaurav Misra said that the company aims to create more models. However, he didn’t specify what its next set of models would do, only saying that they would be focused on “assembly intelligence” — basically putting together a video using different sources and components.
Speaking about Mirage’s new audio model, which it claims can preserve accents in generated videos, Misra said, “The reason for the audio model was that we noticed that there was a gap in accents because a lot of our users are international. Accents are just very important. There was my own dad’s example. He was trying to use the app, and he would say a word in an Indian accent, and it would always make it sound like he’s talking in an American accent.”
According to data from analytics firm AppFigures, Captions have been downloaded over 3.2 million times in the last 365 days and has brought in $28.4 million in in-app revenue. Misra said the platform has been used to create more than 200 million videos so far, and that it has attracted an international user base, with only 25% of its revenue coming from the U.S.
Currently, Mirage’s marketing suite is available on the web, and Captions largely offers a mobile-first editing suite. The company aims to merge these two platforms to better target small businesses that may be looking to create marketing videos.
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Pranav Singhvi, managing director of General Catalyst’s CVF fund, said Mirage has great product-market fit.,
“Mirage’s business equation is extremely figured out. They know exactly how to spend that dollar and generate a very attractive ROI. If you think about the market they’re going after, it’s in a sense an infinite total addressable market. You can start out in the creator world, the influencer world, and then use that as a mechanism to sell to enterprises as well,” Singhvi told TechCrunch.
There are tons of companies building AI video-generation pipelines for marketing. Canva has introduced several tools around marketing creation and tracking, while platforms like D-ID, HeyGen, Webflow, and Avataar have been releasing new models and features.
However, Singhvi seems confident about Mirage’s positioning and unit economics. “Regardless of what the other tools are out there, Mirage is clearly ahead of the pack from a unit economics standpoint. Ultimately, it’s all a reflection of their product,” he said.
Mirage aims to use the fresh capital to fuel growth, and expand in high-growth Asian markets.
