Flipagram, which is commonly inferred as a fusion of Instagram, snapchat and YouTube, has raised $70million in Series B round led by Sequoia, with participation from Kleiner Perkins and Index Ventures.
No official comment regarding the valuation has been passed by the company yet. However, as Tech Crunch reports, the company had been eyeing $300 million.
Flipagram’s technology lets the user weave images, music, and video into moving stories of their lives. The platform does not just render the options of liking and commenting on posts but also allows the users to ship the video out to different networks, music included.
The popularity of this company is increasing at a fast pace. It already has 33 million monthly active users within a year, claims CEO Farhad Mohit. Further, he maintains, “Flipagram is in a unique position to bring artists into the fold because the service doesn’t cannibalize music sales at all”, a fact that has fact has allowed Mohit to get licensing deals with big players like Universal, Sony, Warner, and publishing giants like BMG.
Flipagram users will now be able to select 30-second portions of any song from the catalog and use them for free. This is a drawcard used by the company to fight againsts biggies like Snapchat and Instagram.