[UPDATED] Dubsmash has added $9.6 million in funding to expand its popular music video lip-sync app. Fan generated music videos have become a major marketing tool for labels and artists. But will revenue to rights holders follow?
Sunstone Capital led the new round, with participation from Index Ventures, Balderton Capital, Eniac Venture and Lowercase Capital. Index ventures, which led the series A round, did not participate.
Video sharing is a crowded sector with Musical.ly the front runner. But Dubsmash continues to grow, with TechCrunch reporting that its adding a million new users every five days and has surpassed 140 million downloads, double that of the same time last year.