Eminence Tech & Services Pvt. Ltd, which operates video-based social networking app Spoofin, has raised an undisclosed amount in bridge funding from Mumbai Angels Network.
The early-stage investment platform said in a statement that five investors from its network had contributed to the round.
Spoofin co-founder Siddhant Sahni said that the fresh capital will be used for expanding operations, besides ramping up customer acquisition and technology.
Spoofin had last year raised its first round of external funding from Mumbai Angels and other unnamed individual investors.
“The video content startup scene is buzzing and we are looking forward to investing in this sector,” said Mumbai Angels chief executive Nandini Mansinghka.
Spoofin was founded in 2016 by Sahni, Vallari Bhardwaj, Swati Sharma and Mritunjay Sharma. It is essentially a mobile app that lets users make parody videos in a series of simple steps.
In addition, users can add voiceovers and make memes. Besides, it also offers a chat option for users to connect with each other. The Spoofin app is available on the Android and Apple app stores.
Deals in the space
Video-based social networking platforms have begun to catch the fancy of the investors in recent times as cheap data fuels higher usage.
Earlier this month, Bengaluru-headquartered Mohalla Tech Pvt. Ltd, which operates vernacular social networking platform ShareChat, raised Rs 720.29 crore ($99.23 million) in a fresh funding round led by existing investor Shunwei Capital.
In January, Chennai-based online video software service provider Hippo Video, which is run by Lyceum Technologies Pvt. Ltd, raised an undisclosed amount in a pre-Series A round of funding from early-stage investor Kae Capital.
Last December, Bengaluru-based Transversal Tech Pvt. Ltd, which operates video sharing app Clip, raised $6 million (Rs 38.5 crore) in a Series A funding round led by venture capital firm Matrix Partners.
Mumbai Angels Network is one of India’s largest angel networks with more than 300 members across Mumbai, Pune, Delhi and Bengaluru.
Its portfolio comprises around 100 ventures across multiple sectors focussed primarily on seed and early-stage companies. The network mentors startups and participates in their progress.
Earlier this week, the platform said it had invested in Docturnal Pvt. Ltd, a healthcare startup focused on non-invasive screening solutions for tuberculosis.
Another recent bet was specialised diagnostics startup Theranosis Life Sciences Pvt. Ltd, which focuses on the oncology space.
Mumbai Angels had handed out 12 cheques in the financial year 2017-18.