Investors

Samsung, Sequoia Invest in Israeli Mobile Video Chat App

1 min read
This story originally appeared on Reuters

Israel's Rounds, a mobile application for group video chats, said on Wednesday it raised $12 million in a funding round led by Sequoia Capital, the sole investor in Whatsapp.

Samsung Ventures also invested, as did existing capital partners such as Verizon Ventures and Rhodium. This brings Rounds' total fundraising to $22 million.

The funds will be used to support the company's expansion, particularly in the United States, to hire new staff and further develop the technology.

"We've been active in the mobile messaging space," said Shmil Levy, a partner at Sequoia Capital Israel. "We believe the next generation is about instant video chatting and interactivity."

Rounds' mobile app has 25 million users who can play games, watch videos and share photos while video chatting together.

Rounds Chief Executive Dany Fishel said the company was not seeking to generate revenue at this point.

"The focus for 2015 is on an expansion of the platform and increasing usage, and revenue will follow," he said.

(Reporting by Tova Cohen; Editing by Steven Scheer)

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

To Attract Investors, Let Them All Be the 'Last One In'