Triller, a competitor to Chinese-owned video platform TikTok, announced new funding and strong user growth this week.
TikTok, with $1 billion in annual revenue, allows users to create and share their own content. But Triller announced this week that it "raised $28 million in a Series B round valuing the four-year-old startup at $130 million."
The news comes at a bit of a tough time for the TikTok. Earlier this week, it announced 177 million new users in the third quarter. While that number dwarfs Triller, the third-quarter number was down 4% from a year ago.
"Triller prioritizes creators, allowing them to showcase their work and connect with their audiences through the universal language of music," said Mike Lu, CEO of Triller in a statement. "This funding round reflects broad support from savvy, successful investors that appreciate our relentless focus on artist discovery and continuous expansion of Triller's groundbreaking AI technology. Proxima Media's team and expertise give us access to unparalleled content and IP."
Triller said it has grown to include 13 million active monthly users. Year-over-year organic growth was 500%, it said. In addition, it boasts 60 million downloads.
The average user spends 20 minutes per day interacting on their interface, Triller said. The company also boasts partnerships with Warner, Sony and Universal, giving it access to new and unique content.
This week's funding comes from Proxima Media, which made news earlier this year for raising $100 million for Proxicoin, a cryptocurrency that allows investment in media content.