US-based TV-clipping startup Whipclip has raised $20m at a $100m valuation from investors including Raine Ventures, the corporate venturing unit of merchant bank Raine Group, according to Recode.
Talent and literary agency William Morris Endeavor also participated in the round, which included funding from Institutional Venture Partners, Ziffren Brittenham, Greycroft Partners and several angel investors.
Whipclip’s app enables television networks to provide their content to audiences in the form of short clips which can then be legally shared on social media platforms. Whipclip offers networks editing, distribution and analytics tools and redirects traffic generated from clips back to their websites.
The company has secured the content of US-based TV networks ABC, CBS and A&E for its private beta launch. It will use the series A funding to expand its 25-strong staff.
Dan Suratt, executive vice president of digital media and brand and content licensing for A&E Networks, said: “The ability for anyone to legally share his or her favourite TV moments in near real-time could have major promotional benefits for the entire industry.”