Reddit has acquired Dubsmash, a short-form social video app that competes with TikTok, describing it as “a welcoming platform for creators and users who are under-represented in social media.”Terms were not disclosed.
Dubsmash has raised $20.2 million from Lowercase Capital, Index Ventures, Eniac Ventures, Heartcore Capital, Sunstone Life and other investors, according to Crunchbase.In a blog post, Reddit said video has become an increasingly important element in its user experience since it was first introduced in 2017.
Reddit users this year have posted millions of videos, doubling the volume in 2019, the company said.Dubsmash, whose founders and entire staff will join Reddit, will expand the company’s reach and improve its technology,
Read more on deadline.com
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