Market Overview

Flipps Raises $2.4 Million After Acquiring 10 Million Users

Flipps, a multimedia app that allows users to stream video to smart TVs and TV-connected devices, has raised $2.4 million.

The new funds come from Earlybird Venture Capital, but existing investors (including famed investor Tim Draper) also participated in the round.

"Flipps is a mobile application designed for people who love entertainment to discover and project unique content onto the TV screen using only a smartphone," Kosta Jordanov, CEO of Flipps, told Benzinga. "So in a way it's like a software version of Roku or Fire TV."

More than 10 million people have downloaded the standard (free) Flipps app on Android and iOS. Jordanov said that the app works with more than 250 million TVs worldwide from a wide variety of manufacturers, including sets from Sony, Samsung, LG, Philips and Panasonic. Xbox One, Xbox 360, DISH Hopper and Apple TV are also supported for those who don't have a smart television.

Related: Did Analysts Ignore Amazon's Fire TV Announcement?

"You don't have to touch the TV remote control," said Jordanov. "You don't have to touch the HDMI ports [to use Flipps]. It's really a powerful experience."

Flipps' video content is similar to Crackle and other freebie services in that it is primarily supported by ads. Jordanov and his team plan to use the new funds to increase its content offering, which currently includes more than 100 channels.

"We're on 5,000 different models of TVs and connected devices," Jordanov added.

The Invisible Apple TV Competitor

Flipps is not a device, but the company is happily bragging about its success in comparison to actual TV-connected devices. With more than 10 million users, Flipps said that its popularity is second only to Apple TV, which is the most popular streaming video device available.

In 2013, Roku confirmed that it had sold five million units in the United States. The company also revealed that consumers in Lexington, Kentucky streamed the most content (among those using a Roku device).

Google has not released any specific sales figures for Chromecast, but the company claims that millions of units have been sold.

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.

Posted-In: Chromecast Flipps Google Kosta JordanovSuccess Stories Startups Tech Interview Best of Benzinga

 

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