Israel-based live social platform Rounds raised $12m in a series B round backed by investors including the corporate venturing units of electronic producer Samsung and telecommunications company Verizon yesterday.
Venture capital firm Sequoia Capital led the round, which featured Rhodium and private investors including Tim Draper of VC firm Draper Fisher Jurvetson alongside Samsung Ventures and Verizon Ventures.
Founded in 2009, Rounds provides an instant group video chat app for up to 12 participants at a time. Users can engage in activities like watching videos, playing games or sharing photos while chatting.
Rounds will use the latest funding to support growth and plans to make key hires across various departments, as well as building out its platform further to ease communication. It has 25 million registered users worldwide.
The round increased the total raised by the company to $22m, including $3m from a 2011 series A round led by Verizon, which also featured Rhodium and Draper.