Mobile video clip sharing and creation platform Whipclip announced on Tuesday that it has raised more than $40 million in the initial closing of its Series C financing.
The round was led by Eminence Capital, a $6.4 billion asset management firm, with additional participants that include existing investors Institutional Venture Partners and Raine Ventures.
The new funding will be used to accelerate Whipclip’s product development and expand its operations and content partnerships. As part of deal, Eminence Capital will join the company’s board of directors.
Launched in December 2014 by entrepreneurs Richard Rosenblatt and Ori Birnbaum, Whipclip enables fans to legally create video clips sourced from television shows and music videos from its more than 25 content partners — including ABC, CBS, FOX, Turner, Viacom, A+E Networks, Bloomberg, Fusion, OWN and Pop — and share them instantly on Facebook, Twitter, Tumblr, Pinterest and via email and SMS.
In January, Whipclip hired former Hulu content development head Charlotte Koh as SVP of content and partnerships, overseeing content acquisition and relationships with media partners, but she left to join GoPro last month in the newly created position of head of features and series. In March, it went live with its mobile app, which is currently available only on iOS devices.
Other Whipclip investors include William Morris Endeavor (WME), law firm Ziffren Brittenham and venture capital fund Greycroft Partners, as well as individuals including WME co-CEO Ari Emanuel, producer and Golden State Warriors co-owner Peter Guber, former ESPN chief Steve Bornstein, talent manager and record label owner Scooter Braun and high-profile media investors Gordon Crawford and Ron Zuckerman.