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Viddy Raises $30 Million, Valuation: $300 Million

Radford C. Apr 27, 2012 0

Currently, I see two apps ready to replace dethrone the billion dollar Instagram. This is one of them. Viddy, which lets users easily record videos, apply filters and share with friends, could be heading in the same direction.

Founded back in April 2011, the service has added nearly 10 million users in the last two months and brought on a boatload of celebs as advisors and investors. Incidentally, Snoop Dogg played a part in my discovery of this app. Reports have claimed that Viddy is raising a series B of $30 million at a valuation between $300-370 million.

Viddy is one of those apps that have recently seen serious growth thanks to its integration with the Facebook timeline. Prior to its relaunch of the app, the company was coasting along at around five million monthly active users through Facebook. Timeline integration helped doubled that number in the last two weeks.

Is Viddy is a direct competitor to Facebook in the way that Instagram was? Photo sharing is Facebook’s big feature and mobile was the area it was most concerned about leading into its IPO.

To date, user generated video is still a relatively fresh market that has yet to produce a profit.

Via »SFGate