Berlin-based Dubsmash, the lip-syncing video app, has closed a €9 million Series B funding round. The investment comes from Sunstone Capital, with participation from Index Ventures, Balderton Capital, Eniac Venture, and Lowercase Capital. Dubsmash had previously raised a $5.5 million Series A round in August 2015, led by Index Ventures.
Dubsmash is a viral video messaging app. The company has been growing, doubling its number of downloads from last year to over 140 million. Despite its growth, the company has recently restructured, laying off seven employees.
“In an effort to streamline processes and scale our growth with this new capital, we restructured the organization for growth. Unfortunately, in this process, we had to let seven employees go which was an extremely difficult decision to make,” the company told TechCrunch.
“We believe that with this new structure, we scale our company to greater heights. Our organization currently has 27 employees and we’re currently hiring in engineering, product, content and more.”
Read more: TechCrunch
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