Flipps, a mobile streaming app that turns your smartphone into a universal media router with its own video catalogue, raises $2.4 million from Earlybird Ventures and existing investors including Tim Draper. With Earlybird investment, Flipps (formerly iMediaShare) becomes part of the VC’s unique Digital East Fund which invests in disruptive consumer internet, mobile, and enterprise technology companies originating from Turkey and CEE.
Fresh funds will be used to grow the business in Europe and the US while improving the video content in the company’s content library.
Flipps is a surprisingly simple tool that makes media streaming dongles and boxes almost redundant. The content in the library can be instantly streamed from your smartphone to a connected TV around you without any additional hardware or set up. The app also turns the phone into a remote control.
The app works on a patented technology, for iOS and Android devices, that is compatible with over 5000 manufacturer TV models, requiring no setting up, pairing, cable connection, dongle or settop box. Company says there are now over 250 million connected TVs in homes around the world that can work well with the app.
Free version of the app has already been downloaded over 10 million times and the company seeks to grow this with the latest funding. Market potential seems quite high as TV is still the primary viewing platform with 84% of total viewing hours, according to The Council for Research Excellence. Nielsen found out that searching for and viewing online entertainment on mobile devices rose 37% last year.
The streaming itself is of course not enough to make the app competitive. The content catalogue is a curated one at Flipps, with over 100 channels for the time being to sift through. Licensed content includes popular online TV series like Back On Topps, hit Hollywood movies, and news from The Washington Post.
“Watching quality entertainment on your TV has become overly confusing with the need for costly hardware devices and complicated remote controls” said Kosta Jordanov, CEO of Flipps, “At Flipps, we’ve figured out an easy and universally compatible way to turn your smartphone into a magic wand of entertainment that projects onto the big screen.”
“Flipps helps content owners save tremendous resources because integration onto the Flipps video adaptive platform is effortless and scalable,” according to Dan Lupu from Earlybird Venture Capital. “With our investment, Flipps accelerates its incredible growth and will finalize more deals with forward thinking publishers eager to reach new audiences.”
Free version of Flipps app is available for download at Apple App Store and Google Play, whereas Flipp HD costs $2,99. However, advertising and subscription models are the main monetization solutions adopted by the company.
The company has offices in San Francisco, New York and Sofia, Bulgaria and is backed by Tim Draper, Earlybird Venture Capital, Hasan Aslanoba, LAUNCHub and Teres Capital.