Flipagram Raises $70 Million, Announces Major Label, Music Publisher Deals
Overwhelmed by the many social media channels you should be following and participating on? Your anxiety level just increased thanks to a new kid on the block that's attracting users in the tens of millions and just got $70 million to expand.
Flipagram, an photo, video and music sharing app has closed a $70 million round , led by Sequoia, Kleiner Perkins Caufield & Byers and Index Ventures. Michael Moritz, chairman of Sequoia, and John Doerr, general partner at Kleiner Perkins Caufield & Byers, have joined the startup's board of directors.
Flipagram has 20-30 million regular users who use the app to create short photo-video stories set to music.
Today the company announced global licensing deals with top record companies, distributors and music publishers including Universal Music Group, Sony Music Entertainment, Warner Music, Merlin and The Orchard, Sony/ATV Music Publishing, Universal Music Publishing Group and BMG.
With the assistance of the National Music Publishers Association, Flipagram has also made a licensing agreement available to its independent music publisher members. These deals give Flipagram’s users access to millions of short music clips to use in their Flipagrams. The app includes a link to buy on iTunes
Here's an example: