[UPDATED] Dubsmash has added $9.6 million in funding to expand its popular music video lip-sync app. Fan generated music videos have become a major marketing tool for labels and artists. But will revenue to rights holders follow?
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Berlin based Dubsmash has added $9.6 million in series B funding to expand its viral music video lip-sync app. The startup had previously raised $6 million.
Sunstone Capital led the new round, with participation from Index Ventures, Balderton Capital, Eniac Venture and Lowercase Capital. Index ventures, which led the series A round, did not participate.
Video sharing is a crowded sector with Musical.ly the front runner. But Dubsmash continues to grow, with TechCrunch reporting that its adding a million new users every five days and has surpassed 140 million downloads, double that of the same time last year.
from hypebot http://ift.tt/2fLqL7a
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