Mobile Video App Snapverse Raises $3.5M And Announces Deals With Universal, Warner Bros, And Sony
Snapverse is an iPhone app that combines 20-second user videos with licensed music.Tthe amount of licensed music available is about to grow significantly, thanks to partnerships with Universal, Warner Brothers, and Sony.
The company is also announcing that it has raised $3.5 million from John Hannan of Apollo Management (it’s a personal investment by Hannan, not Apollo).
Founder and CEO Scot McCraken told me that the app launched quietly in May, with more aggressive growth efforts starting last month. The theory, in McCraken’s words, is that music makes user videos more compelling: “People are using it to communicate and to be social and to express themselves.”
Source: Anthony Ha, Tech Crunch