On Tuesday, Whipclip, a video clipping and sharing startup, has secured $40 million in Series C round of funding led by Eminence Capital, a $6.4 billion hedge fund. It also included participation from existing investors like Institutional Venture Partners and Raine Ventures.
Whipclip is a mobile app startup that allows users to legally create and share short clips from TV shows, programs and music videos. Now, the startup has content deals with leading television networks like ABC,CBS, FOX, A+E and Turner and music companies like Universal Music Group and Sony Music. The deal with the companies allow the users to make and share clips from various television shows like New Girl, Duck Dynasty, Dancing with the Stars, Inside Amy Schumer, The Last Man on Earth and The Talk. The company has also partnered with around 25 publishing partners that allows them to embed TV show clips on the publishers’ owned sites.
Richard Rosenblatt, the co-founder and CEO of Whipclip who was former CEO of Demand Media, said it was one of his personal experiences with the issue that gave way to this startup. He was not able to find a clip of the pro football player to share, all that he could find was the low quality clip someone has taken and uploaded with phone. He said, “Whipclip offers a new way for consumers to legally share popular television shows and music videos and for content owners to promote their programming, drive social engagement and reach new audiences.”
He also added, “Eminence is an important partner as we grow our business and this investment will enable us to enhance the Whipclip platform, broaden our audience and add more content partners.” The new money raised through funding has been planned to use it for accelerating Whipclip’s product development and build the business and relations with various content publishers.
CEO of Eminence Capital, Ricky Sandler said, “By partnering with leading networks and content providers Whipclip is truly pioneering a new model to allow viewers to discover and interact with great content from broadcast media and music industry.” He also added, “We are excited about the company’s potential and are thrilled Whipclip chose to partner with us given their many options for capital. We look forward to working with the rest of the investors and management team to help accelerate Whipclip’s next phase of growth.”
Born and incubated in the Raine’s Los Angeles office, it has now grown to a 50-employee company with headquarters in Santa Monica, California and Tel Aviv. The company has an app for Apple’s iOS and will soon introduce a service for Android devices. Currently, the startup is not trying to generate revenue. But over the course of time in future, the company is looking at offering paid promoted clips, advertising and other ways of drawing revenue.