TV, music clip sharing startup Whipclip raises $40 million

JERUSALEM (Reuters) - U.S.-Israeli startup Whipclip, which allows the sharing of TV and video clips, said it raised more than $40 million in a third round of funding led by asset management firm Eminence Capital.

Additional participants include existing investors Institutional Venture Partners and Raine Ventures, Whipclip said on Wednesday.

Since its founding last year, the company has raised more than $60 million. In January, it raised $16 million at a company valuation of $100 million.

The new funds will be used to accelerate Whipclip's product development and further build its operations and content partnerships, it said.

Whipclip, headquartered in California with a development center in Israel, has collaboration deals in the United States with networks such as ABC, CBS, FOX, Turner, Viacom and A&E, and music companies Universal and Sony.

Mobile phone users can clip live TV as well as search for specific moments within past TV episodes and share them with friends, Whipclip said.

(Reporting by Steven Scheer; Editing by Keith Weir)