Video sharing co Whipclip raises $40m

WhipClip

The Israeli company will use the funding to accelerate product development and build content partner relationships.

Whipclip, which has developed a mobile platform that allows consumers to legally create and share their own video clips of TV shows and music videos, has raised more than $40 million in Series C financing. This is Whipclip's third fund raising round in less than a year and the company has raised $62 million including the latest investment. The investment was led by Eminence Capital, LP with existing investors Institutional Venture Partners and Raine Ventures.

Whipclip will use the new funding to accelerate product development and further build its operations and content partner relationships. As part of the financing agreement, Eminence Capital will join the company's board.

The company was founded in July 2014 by Ori Birnbaum and Richard Rosenblatt, when it raised $6 million, at a company value of $20 million. Whipclip has offices in Santa Monica, California and Herzliya, Israel.

Eminence Capital CEO 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 the music industry.

Whipclip co-founder, chairman and CEO Richard Rosenblatt 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."

Whipclip's other prominent investors include William Morris Endeavor, Ziffren Brittenham, Greycroft, as well as leaders of the media community including Ari Emanuel, Peter Guber, Steve Bornstein, Scooter Braun, Gordon Crawford, and Ron Zuckerman.

Through Whipclip's existing collaborations with leading television networks ABC, CBS, FOX, Turner, Viacom, A+E Networks, Bloomberg, Fusion, OWN, and Pop, and major music companies Universal Music Group and Sony Music, users can clip live TV as well as search for specific moments within past episodes and share them with friends, enabling better discovery of shows and music videos.

In the past few months, Whipclip has partnered with more than 25 major publishers to enable them to embed video clips of popular shows like Dancing with the Stars into their stories, resulting in the clips being viewed millions of times. The company has added popular shows such as The Bachelorette, Bellator MMA, Conan, So You Think You Can Dance, UnReal, and live events and award shows such as the Critic's Choice Awards and the 42nd Annual Daytime Emmy Awards.

The Raine Group and Latham & Watkins LLP advised on the transaction on behalf of Whipclip.

Published by Globes [online], Israel business news - www.globes-online.com - on July 8, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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