Live-streaming smartphone video app Meerkat has raised $14 million in a financing round led by Greylock Partners and a range of investors including Aleph, Broadway Video Ventures, CAA Ventures, Comcast Ventures, Entree Capital, Raine Ventures, Sherpa, Slow Ventures, Universal Music Group, Jared Leto, David Tisch and YouTube co-founder Chad Hurley. Meerkat CEO Ben Rubin shared this information in a blog.
The financing round was officially announced on the same day that Twitter launched its live streaming app periscope. But Rubin insists he is encouraged rather than daunted by the competition. He said, "Periscope is a very slick product, a very beautiful product but there is room for multiple players in live video. If you have a good idea and you don't think there's 10 other smart teams working on it already, then you don't have a good idea."
Meerkat was founded in Israel as Yevvo by Rubin, VP Product Uri Haramati, and CTO Itai Danino. The company, which has offices in Tel Aviv and San Francisco, raised $3.7 million last year before changing its name to Life on Air Inc. and naming its lead app Meerkat, which was launched last month.
Greylock Partner's Josh Elman is joining the Meerkat board.
Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015