Remember Dubsmash? The lip syncing application that allows users to mouth dialogues associated with everything from cartoons to movies to commercials, and create short video clips that ca be shared with the world. The app was a great hit when it was launched and for a while, social media was swamped with clips made using Dubsmash. Well, while the initial fever surrounding the app has worn down a tad, the company is alive and kicking and has recently raised a series B.
According to the company, its round B was led by Sunstone Capital and saw participation from Index Ventures, Balderton Capital, Eniac Venture, and Lowercase Capital. The round saw the company raise a total of €9 million — half a million short of $10 million.
The company had previously raised $5.5 million in August 2015, as part of its Series A round.
The company is also laying off almost 20 percent of its workforce — that is, somewhere around 7 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 7 employees go which was an extremely difficult decision to make.
Dubsmash however, continues to hire in different departments.
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.
Meanwhile, the company appears to be growing at a steady rate. Although there are now competitors working along similar concepts in the market, being the pioneer certainly has its advantages. Dubsmash is witnessing steady growth with almost 1 million users added every five day. While data associated with the total number of active users on the platform is not available, the app has over 140 million downloads on the play store.
The company is finally moving to monetize its offering as well. Dubsmash has introduced a new feature called Community Moments, which consists of curated videos that revolve around a particular topic or movie. Community Moments are open to sponsorship by brands and several heavyweights — including Warner Bros, which is actually promoting its 3D-animated film Storks on the app — are showing interest in using Dubsmash to advertise.