Whipclip, the firm behind an app that allows users to create and share their own video clips of television shows and music videos, raised more than $40 million in the initial closing of its Series C financing.
The app lets users clip live TV as well as search for specific moments within past episodes and share them.
The funding will be used to accelerate Whipclip’s product development and build its operations and content partner relationships, the company said.
The round was led by Eminence Capital, a $6.4 billion asset management firm, while additional participants included existing investors Institutional Venture Partners and Raine Ventures.
“By partnering with leading networks and content providers Whipclip is pioneering a new model to allow viewers to discover and interact with great content from broadcast media and the music industry,” said Ricky Sandler, CEO of Eminence.
Whipclip, set up last year and based in California as well as Israel, says it offers a new way for consumers to legally share TV shows and music videos and for content owners to promote their programming, drive social engagement and reach new audiences,
It believes Eminence will enable it to enhance the Whipclip platform, broaden its audience and add more content partners.
Whipclip already collaborates with TV networks like ABC, CBS and FOX as well as major music companies Universal Music Group and Sony Music
In the past few months, Whipclip has partnered with more than 25 publishers to enable them to embed video clips of popular shows into their stories, resulting in the clips being viewed millions of times.