Buzzy mobile video app Flipagram is raising $50 to $60 million in funding at a $300 million valuation. We’re hearing from sources that Sequoia is in the round.
Flipagram is part of Cheerful, a company founded by Farhad Mohit. He sold Shopzilla in 2005 for $569 million and went on to start DotSpots and Gri.pe (both of which are TechCrunch Disrupt companies). DotSpots hit the deadpool, but Mohit went on to create Cheerful Inc, bringing Gripe and mobile app Chee.rs together under one roof. Flipagram is the latest app from the studio.
The WSJ reported that as of December, the free app — which has been likened to RockYou for mobile — was reaching more than 10 million users per month. This is what the final product looks like, in its most basic form, it’s a slideshow culled from your phone photos and set to music.
Sequoia has been leading a number of deals on fast-growing consumer mobile startups, including QuizUp and Whisper. Roelof Botha was on both of these deals for Sequoia but it’s unclear if he’s the lead on Flipagram.
We’ve contacted Flipagram for comment.