Musical.ly elevating $one hundred million at $500 million valuation for social music movies
Musical.ly, the app that makes it straightforward to create music movies, is within the means of elevating about $one hundred million in funding, at round a $500 million submit-cash valuation, TechCrunch has discovered. The small print are nonetheless being finalized, however the plan is for GGV Capital and Qiming Enterprise Companions to co-lead the spherical, with participation from Greylock Companions and DCM.
Headquartered in Shanghai, musical.ly has gained vital traction with younger teenagers throughout the globe. The staff says it has 60 million customers and is particularly fashionable within the U.S. The lip-sync app is analogous to Dubsmash, however is extra of a social media platform. The corporate calls it a “video social community.” Customers can comply with accounts to maintain up with their favourite performers.
Whereas the enterprise has gained vital traction, its particulars have largely remained underneath the radar. Musical.ly raised a spherical of capital from GGV and Greylock final yr and acquired little or no media consideration.
Whereas the buyers wouldn’t touch upon the present fundraising spherical, they’re particularly keen about musical.ly.
The app has allowed individuals to “flip the video digital camera on themselves and be snug expressing themselves in new methods,” stated Josh Elman, companion at Greylock. “Musical.ly was not only a strategy to create this content material, however a community.”
Hans Tung, a board member at musical.ly and a associate at GGV Capital, stated that he was “impressed by the founder’s means to show a software right into a social community.” He sees it as an “alternative to create a brand new type of expression.”
The main target is on music movies proper now, however we’re listening to that musical.ly has some pending updates that may broaden the app’s attraction to older demographics.
We’re advised that the fundraising continues to be in progress and that some offers might fall by way of. Musical.ly declined to remark.