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There may soon be a new tech giant in town.
Flipagram, the video and music sharing app, announced a $70 million funding round today led by Silicon Valley’s Sequoia, with participation from Kleiner Perkins & Byers and Index Ventures.
In accordance with the funding, Sequoia’s Michael Moritz and Kleiner’s John Doerr were both named to Flipagram’s board of directors. The app is led by LA startup veteran Farhad Mohit who is mostly known for founding Shopzilla and Bizrate.com.
Flipagram simultaneously announced that its tens of millions of users can now pull from a library of millions of songs owned by Universal Music Group, Sony Music Entertainment, Warner Music, and others to use as background music for their videos.
The three-year-old app was created as a video editing tool but has become its own destination for user-generated content. Celebrities like Britney Spears, Jessica Alba, Deepak Chopra, and Garth Brooks are frequent users and more than 42 million videos were generated in the first three months of 2015.
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