Snapverse is an iPhone app that lets users create short, 20-second videos paired with licensed music and includes features such as Selfieoke (a karaoke selfie). The app launched quietly in May, with more aggressive growth efforts beginning the following month. Snapverse has secured licensing deals with Universal, Warner Bros., and Sony that will bring about 750 tracks to the service; CEO Scot McCraken said the company paid for access and “wrote out pretty big checks.” McCraken said the company plans to maintain a curated catalog rather than thousands of songs to preserve app performance. The company raised $3.5M from John Hannan of Apollo Management as a personal investment. Its business model remains to be determined; McCraken said they will connect with users to discover monetization paths.

Total raised

$4M

Funding rounds

1

Latest round

Equity

Latest activity

Oct 2013