The round has closed nearly $3 million led by March Capital Partners with participation from Inspiration ventures, HOF Capital, Co-founder of Giphy - Alex Chung, BAM Ventures and Co-founder GroupMe Steve Martocci.
Los Angeles based startup, Vyng, has raised an undisclosed amount of investment from Sandeep Soni, Indian Angels Network. This investment is a part of Angel funding round. The round has closed nearly $3 million led by March Capital Partners with participation from Inspiration ventures, HOF Capital, Co-founder of Giphy – Alex Chung, BAM Ventures and Co-founder GroupMe Steve Martocci. The company further plans to raise funds from Indian institutional investors.
The company plans to use the investment to enter the Indian market, it said in the press release. Commenting on the investment raised founder of Vyng, Paul Kats said, “We are incredibly privileged to be invested in by such an amazing set of investors like IAN.”
He further added, “We believe that their experience and in-depth knowledge would provide a significant boost to our quest to build, introduce and further expand our innovative offerings not only in the Indian market but also worldwide.”
Founded by Paul Kats and Jeffrey Chernick in 2016, the company is a lock screen app that enables video ringtones. It allows users to set their favorite video as their ringtone for specific contacts. With app’s Bomb feature, users can further allow their contacts to set a video that plays when they call. The company claims to have over 500 million played videos across 70 countries since 2017.
Commenting on the investment Sandeep Soni said, ““It is noteworthy to mention that in a country like India where user-generated content is growing 30% week after week, Vyng is adding over 20% users week by week”.
According to a recent published report, revenue in the video streaming segment is expected to reach $30 million this year. While the revenue is expected to grow at a rate of 45.9 percent CAGR touching the $138 million mark by 2022. The report further added that user penetration is expected to increase by 1 percent – 0.7 in 2018 to 1.8 in 2022. The average revenue per user is $3.14. With a global viewpoint, US leads with the expected to generate a revenue of of $7,256 million this year though video streaming.