Vyng, a Los Angeles based technology startup raises angel funding from Sandeep Soni, an investor in Indian Angel Network (IAN). The funding will use the to expand its presence and expansion in Indian market.
Launched in 2017, Vyng boasts of around 500 million videos played across 170 countries.
The round led by IAN was part of a USD 3 million-dollar round, Vyng raised in 2017.
Paul Kats, Co-founder and CEO, Vyng said, “We are thrilled and excited to received the investment by such an amazing set of investors like IAN. We believe that their experience and knowledge would help us to boost our presence in the Indian market and worldwide”.
He also added, “There are over eight billion phones calls on smartphones and 22 billion SMS notifications every single day. Our application can improve those experiences and bring value to the user at the very first touch point”.
The Vyng app re-kindles human connection by allowing users to place personalized videos of friends, families, and loved ones on the smartphone’s lock screen, bringing back those long-forgotten memories and funny moments spent, on each call, every day.
“It is noteworthy to mention that in a country like India where, user generated content is growing by 30 percent week over week, Vyng is adding over 20 percent users week by week. Clearly, there’s immense scope for brands to target consumer’s lock screen for content marketing,” said Sandeep Soni, lead investor from IAN.
The company is also backed by Google Ventures partner “March Capital”. Founders of Giphy and GroupMe are holding as a advisor in the company.
Vyng plans to raise additional capital from strategic institutional investors in India.