Musical.ly raising $100 million at $500 million valuation for social music videos

Musical.ly, the app that makes it easy to create music videos, is in the process of raising about $100 million in funding, at around a $500 million post-money valuation, TechCrunch has learned. The details are still being finalized, but the plan is for GGV Capital and Qiming Venture Partners to co-lead the round, with participation from Greylock Partners and DCM.

Headquartered in Shanghai, Musical.ly has gained significant traction with young teensacross the globe. The team says it has 60 million users and is especially popular in the U.S. The lip-sync app has similarities to Dubsmash, but is more of a social media platform. Users can follow accounts to keep up with their favorite performers.

While the business has gained significant traction, its details have largely remained under the radar. Musical.ly raised a round of capital from GGV and Greylock last year and received very little media attention.

While the investors would not comment on the current fundraising round, they are especially enthusiastic about Musical.ly.

The app has allowed people to “turn the video camera on themselves and be comfortable expressing themselves in new ways,” said Josh Elman, partner at Greylock. “Musical.ly was not just a way to create this content, but a network.”

Hans Tung, a board member at Musical.ly and a partner at GGV Capital, said that he was ”
impressed by the founder’s ability to turn a tool into a social network.” He sees it as an “opportunity to create a new form of expression.”

The focus is on music videos right now, but we are hearing that Musical.ly has some pending updates that would broaden the app’s appeal to older demographics.

The app is free and available on both iPhone and Android.

We’re told that the fundraising is still in progress and that some deals could fall through. Musical.ly declined to comment. 

Like Follow Follow This is how stunning VR video from GoPro's Omni camera looks

GoPro's decision to delay its Karma drone until the holiday is sad news. But cheer up, the company's just released the first footage from its Omni VR camera. And it's absolutely stunning.

The VR camera, which consists of a chassis that holds six Hero4 cameras, launches in August for $4,999.99. 

In a new video introducing the Omni, Swedish freestyle skier Jesper Tjader, Icelandic snowboarder Halldor Helgason and few others use the Omni to film their snow run down the Suzuki Nine Queens course.

The 360-degree video is viewable in 4K (2160p) resolution and was shot over the course of three days.

Although GoPro says the video was shot using prototype Omni cameras and the consumer version will have significant quality improvements, the footage is damn good. You can hardly see any of the stitching seams between the six cameras.

"VR is a whole new experience that can fully transport someone into another experience," Woodman told Mashable last year. "The ability to promote empathy through VR, the better it is for people to have a human connection. It's gonna open up all kinds of viewing experiences and expand the lifespan of content."