Berlin-based startup Dubsmash has scored $5.5 million in funding from Index Ventures, well-known American tech investor Chris Sacca, King co-founder and CEO Riccardo Zacconi and Copenhagen-based VC firm Sunstone Capital, reports FT's Murad Ahmed.
Dubsmash offers a free mobile app for iOS and Android that lets people take and share short videos of themselves lip-syncing lyrics from songs. According to the FT report, the app has been downloaded more than 75 million times since its debut in November 2014, and users have uploaded about 10 million audio clips so far.
The company boasts deals with media companies like NBCUniversal, Disney and Paramount Pictures, which have used the app to promote upcoming shows and movies, but has not yet begun monetising the app in any significant way.
Update: also check out Gründerszene's excellent coverage + interview