Whipclip, a US-based online video platform backed by talent agency William Morris Endeavor (WME), reached a first close of its series C round yesterday, raising more than $40m.
Asset management firm Eminence Capital led the round, while venture capital firm Institutional Venture Partners and Raine Ventures, the venture capital arm of merchant bank Raine, also participated.
Whipclip’s platform enables users to legally create, modify and share sub-30 second clips of television and video content to audiences who can then legally modify and share them through social media.
The app includes editing, distribution and analytics tools, and redirects traffic back to the content providers’ own websites.
Whipclip previously raised $20m in December 2014 at a $100m valuation from Raine Ventures, WME, VC firms Institutional Venture Partners and Greycroft Partners, law firm Ziffren Brittenham and a range of angel investors.
The series C funding will be used for product development, to support the signing of agreements with additional content providers and to increase operations.