Flipagram Raises $70 Million; Investors Doerr, Moritz Join BoardEric Newcomer
Flipagram Inc., a startup that lets people create and share photo slide shows set to music, said it raised $70 million in a new round of funding and added veteran venture capitalists John Doerr and Michael Moritz to its board.
Sequoia Capital led the round, joined by Kleiner Perkins Caufield & Byers, firms that between them have invested in such Internet successes as Google Inc., Twitter Inc. and Instagram. Index Ventures also participated. Flipagram didn’t disclose its valuation.
Flipagram will be the first time Kleiner’s Doerr and Sequoia’s Moritz have been on the same board since they both served as Google directors.
Flipagram’s application has more than 120 million users, who have created more than 300 million slide shows or videos. Run by Chief Executive Officer Farhad Mohit, the Los Angeles-based startup has struck deals with the music industry, letting people make slide shows and videos with current tracks without violating copyrights.
“It looked to us like a monster,” Doerr said in an interview. “On the order of an Instagram.”
Flipagram got its start more as a content-creation tool than a social network of its own. The product -- in part because of its name -- in some ways is derivative of Instagram, the mobile photo-sharing app now owned by Facebook Inc.