It was just two months ago that Palo Alto-based startup Klip released a mobile app for shooting videos on your iPhone and sharing them with friends. At that point, Klip had raised $2 million in Series A funding from Matrix Partners and CEO Alain Rossman. Now, just a few months later, the startup is going back for another $8 million in a Series B round.
The latest financing is being led by Benchmark Capital, with existing investors Matrix and Rossman also participating. With the round, Klip will add Benchmark general partner Bruce Dunlevie to its board of directors, which also includes Rossman and Josh Hannah of Matrix Partners.
Rossman told is in a phone interview that the company raised more funding mostly due to the huge opportunity that is in front of it. The social, mobile video sharing segment is growing fast, he said, and Klip wants to capture as much share as it can, as quickly as possible. The Klip app has been doing pretty well in the two months it’s been available: Rossman noted that it’s been one of the top-ranked apps for sharing videos via mobile devices. It’s also been in the top 25 for photo and video apps since launch.
With a long road ahead and plenty of competition, Klip is hoping this latest round of funding will give it some runway and help see it through the next few years.