Mirage Raises $75M to Push AI Video App Captions Into Asian Markets
Mirage has raised $75 million in growth financing from General Catalyst’s Customer Value Fund (CVF). The startup behind the video editing app Captions now has total funding of over $175 million. The fresh capital injection is primarily intended to accelerate global expansion – with a particular focus on Asian markets, where demand is reportedly exceptionally strong.
The platform has now reached over 20 million users worldwide, including companies such as HubSpot and CoreWeave. In total, over 200 million videos have been created using the platform. According to data from Appfigures, Captions recorded over 3.2 million downloads in the past 365 days and generated $28.4 million in in-app revenue. Notably, only 25 percent of revenue comes from the US – the business is strongly internationally oriented.
From Captions to Mirage: New Models for Video Creation
Over the past year, the startup has not only developed its product further but also repositioned itself. Captions became Mirage – a rebrand that signals the transformation from a pure app provider to an AI lab. The company has trained its own model specifically for pacing, framing, and attention dynamics in short videos, and switched to a freemium model in January 2025 to better compete against ByteDance’s CapCut and Meta’s Edits. Although the company was renamed Mirage, the Captions app continues to run under its familiar name.
Asia Expansion Planned
The market for AI-powered video creation is fiercely competitive. Canva has introduced several marketing tools, and platforms such as D-ID, HeyGen, Webflow, and Avataar are continuously launching new models and features. Pranav Singhvi, Managing Director of the CVF fund at General Catalyst, nonetheless sees Mirage in the lead: “Regardless of what other tools are out there, Mirage is clearly ahead from a unit economics perspective. Ultimately, it’s all a reflection of their product.” The investor highlights the market potential: “The market they’re targeting is, in a sense, an infinitely large addressable market. You can start in the creator world, the influencer world, and then use that as a mechanism to also sell to enterprises.”
The fresh capital is being invested equally in product and growth. On the product side, Mirage is continuing to expand agentic video editing and is working on additional models in the area of “Assembly Intelligence” – i.e., assembling videos from various sources and components. On the growth side, the focus is on aggressive expansion into new markets, particularly in Asia. Currently, the marketing suite runs web-based, while Captions is primarily mobile-first. The platforms are to be merged in order to more specifically target small businesses that want to create marketing videos.
