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Viddy Gets $6 Million In Funding
The whole web 2.0 movement has spawned the growth of new sectors; new paradigms and all have drawn entrepreneurs in search of gold. But many are questioning what is driving this search, and more importantly, the investor funding that seems to flow so easily into these sectors.
A good example of this new rush to invest into something new surrounds Viddy.com, a social mobile video start-up which allows users and celebrities who frequent the Apple iOS App to create 15 second videos promoting themselves. At question is the $6 million that the company recently raised from prominent VCs, Battery Ventures, Greycroft Ventures and Qualcomm. Many are wondering if it’s the celebrity use and endorsement that is leading investors down the garden path—for these people such Apps are just not worth the level of funding being pumped into them.
Not even Viddy’s CEO, Brett O’Brien lauding of the App is enough it seems to convince onlookers. According to O’Brien, Viddy’s in-App editing features make it a cut above the rest and thus very deserving of the current level and future funding.
Perhaps onlookers are to take a good look at the numbers. The mobile Apps industry brings in around $20 million a year and employs over 466,000 people; if that isn’t enough to convince people that social mobile Apps are here to stay, nothing will.
Do you think mobile Apps like Viddy are overrated? Let us know below.