The Toronto-based social network has users exchanging 36-second long videos.

Keek adds $7 million to become ‘Twitter for video’

A Toronto-based firm has raised another $7 million in funding towards its goal of becoming the “Twitter of video” on the Internet, it announced today.

Keek is a social video platform that allows users to create 36 second-long videos and share them with others. Its mobile app launched for iOS and Android in March and has since grown to millions of users, adding 2 million in the last 30 days, the firm says. It’s also now raised a total of $12 million towards its venture.

The latest cash comes from Cranson Capital Securities with assistance from Pinetree Capital Ltd. And Whitecap Venture Partners. Keek says it will use the money to accelerate its growth of the platform, which has seen the creation of 6.4 million videos and received 250 million page views in August.

AustinMahone is the most subscibed-to Keek user.

In the same vein as Twitter, Keek encourages users to follow or subscribe to others and respond to videos with either text comments or video replies called “keekbacks.”

Keek may be well-positioned in a market where online video is being watched more often, yet the attention spans seem shorter than ever. Canadian have a particularly voracious appetite for online video with 22.5 million Canadians watching 5.6 billion online videos in March, according to a report from comScore.

It’s often said that a picture is worth a thousand words, but how much is a 36-second long video worth? So far, it’s an investment of $12 million.

Source | Marketwire

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