The New York based startup, Timehop, has raised $3M which was led by existing investor Spark Capital. Other investors on board included O’Reilly Alphatech Ventures who were present earlier on the board and a new member Andrew Park who joined the board recently, reports Kim-Mai-Cutler of TechCrunch.
The company is planning for an expansion of the seven member team, as they have closed their e-mail service. Though there are many social networking mediums like facebook, twitter or Instagram there is no such app as such to keep a check of the past, when you have uploaded some personal information.
The retention rate in large when compared to the rest of the websites. “Users who try to the product fall in love with it. This helped us make the argument that people are working Timehop into their everday lives,” CEO Wegener said. “At first, people don’t understand why they would want this. But they get really addicted to it. They see it as a mirror of their own life, and a reflection of their past self.”
One can use the app to keep in touch with old friends whom we have lost touch, over the years.