Bengaluru: Flipagram, the California based mobile application company that enables the users to create short photo-video combined stories, raises $70 million in Series B round of funding led by Sequoia Capital. Kleiner Perkins Caufield & Byers and Index Ventures also participated in the round. As a part of the deal, Sequoia's Michael Moritz and KPCB's John Doerr will join the company's board.
Founded in 2013 by Raffi Baghoomian, Brian C. Dilley, Joshua Feldman and Farhad Mohit, Flipagram enables the user to combine images, videos and music, making it a moving story of their lives. It not only offers the option to like and comment on the posts but it also allows the user to share the video to various different networks. The users will be able to select a 30-second portion of any song from the existing catalog of Flipagram and use them for free.
The company is also in plans to have strategic partnerships with Universal Music Group, Sony Music Entertainment, Warner Music, Merlin and The Orchard, and music publishers including Sony/ATV Music Publishing, Universal Music Publishing Group and BMG. This tie-up would give Flipagram the green signal to allow its users to surf through a large database of music clips to add to their storytelling.