Funding and Strategic Vision

Mirage, the maker of the video‑editing app Captions, announced a $75 million growth financing round led by General Catalyst’s Customer Value Fund (CVF). Managing director Pranav Singhvi highlighted the company’s strong product‑market fit and attractive unit economics, noting the infinite total addressable market that spans creators, influencers, and enterprises.

Rebranding and Product Evolution

Over the past year, the startup shifted its corporate identity from Captions to Mirage to position itself as an AI lab that builds multiple models for various industries, including advertising and marketing. Mirage introduced a new AI model focused on pacing, framing, and attention dynamics in short videos, as well as an audio model designed to preserve international accents.

Freemium Model and Market Positioning

In January 2025, Mirage transitioned to a freemium model to compete with apps such as ByteDance’s CapCut and Meta’s Edits. The suite now offers both a mobile‑first editing experience (Captions) and a web‑based marketing suite, allowing companies to create and distribute videos in bulk.

User Reach and Revenue

According to Appfigures, Captions has been downloaded over 3.2 million times in the last 365 days and generated $28.4 million in in‑app revenue. Mirage reports that its platform has been used to create more than 200 million videos, with only 25 % of revenue coming from the United States, underscoring its international user base.

Growth Plans and Competitive Landscape

The new capital will be used to accelerate growth, particularly in high‑growth Asian markets, and to develop additional AI models focused on “assembly intelligence,” which aims to combine various video sources and components. While competitors such as Canva, D‑ID, HeyGen, Webflow, and Avataar are also expanding AI video‑generation tools, Mirage’s leadership believes its unit economics and product roadmap keep it ahead of the pack.

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