Social video startup Viddy banks $30m Series B round | Social Media | Mobile Entertainment

Social video startup Viddy banks $30m Series B round

Social video startup Viddy banks $30m Series B round
Zen Terrelonge

by

Social / Instagram / May 14th 2012 at 10:54AM

Arrives as the app fast approaches 30m users.

iPhone app Viddy was launched a year ago, allowing users to create 15-second video clips and edit them in an Instagram-like fashion before sharing the creation with other users and friends on social networks.

However, it's only recently that the platform has taken off to rise from ten million users to 27 million in just over a fortnight, while 500,000 newbies continue to arrive each day.

Presumably, the rapid adoption is what convinced investors to part with $30 million to support Viddy in a Series B round, while a company valuation is between $300-370 million.

Viddy CEO and co-founder Brett O’Brien told VentureBeat the firm will use the cash to hire new staff, launch products aggressively, and expand internationally.

O'Brien, said: "We have a big vision, big ambitions and to accomplish those things more quickly, and manage growth, it made sense to take on additional partners.

"Our goal is to entertain and connect people around the world through mobile. There’s an extraordinary opportunity for us to enable consumers to take videos worth sharing."

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