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Viddy Speculated to Raise $30M at $350M Valuation

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Instragram has made Viddy an overnight success.

This is all based on anonymous leaked information, so take it for what it's worth, but sources including Pando Daily, Tech Crunch, and Business Insider are reporting that Viddy is raising $30 million in new Series B funding. The service has been given a valuation of between $300 and $370 million, various sites report. Business Insider says venture capital firm NEA is involved in the round.

For those unfamiliar, Viddy is an app-based service that lets people shoot, upload, and share short videos. It could be called a video Instagram, and that's surely the reason for its enormous valuation (if the rumors are true). While Viddy launched in April, 2011, Facebook's $1 billion purchase of Instagram appears to have suddenly made Viddy a hot property.

Never mind, it seems, that there are other competing services with devoted followings, such as Color, Qik, and Socialcam. Never mind that people often get hyped about consumer video services, but quickly abandon them (think Apple FaceTime).

None of this is to disparage Viddy, which is attractively designed and has attracted celebrities as users and investors. Shakira and Jay-Z are reported to have invested. Viddy is so far only available for iOS, although Android and other versions are in the works.

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