Thursday, July 16, 2015

Flipagram Raises $70M For Photo, Video, and Music Sharing Apps

Los Angeles-based Flipagram, led by startup vetera Farhad Mohit, said late Thursday evening that it has raised $70M in a funding round, for its photo, video, and music sharing apps. The funding was led by Sequoia, and also included Kleiner Perkins Caufield & Byers and Index Ventures. As part of the funding Sequoia's Michael Moritz and Kleiner's John Doerr have both joined Flipagram's board of directors. Flipagram counts a significant number of celebrities as users, including Britney Spears, Jessica Alba, Deepak Chopra, Garth Brooks, and many others. Mohit is a startup veteran, having previously founded Shopzilla/BizRate.com.

In a related move today, Flipagram also announced a deal which gives its users access to music from Universal Music Group, Sony Music Entertainment, Warner Music, Merlin and The Orchard, along with Sony/ATV Music Publishing, Universal Music Publishing Group and BMG--the deal allows users to embed popular music tracks in their shared photos and videos. The financial details of those licensing deals were not announced by the company.

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