Coub, a website that lets users make looped music videos much like animated gifs, has raised $1 million from VCs Brothers Ventures and Phenomen Ventures. The extra capital will help further develop the website and reach new audiences, including plans to open an office in the US.
Coub allows users to upload videos or extract content from YouTube or Vimeo, then cut-and-clip them down to 10 seconds. Add some music, and the concoction is complete.
Coub cofounder Anton Gladkoborodov told TechCrunch that the current priority is to grow the userbase. “We don’t make money yet… we have a product designed to be viral, when we get enough users, we will find the way to monetize,” said Gladkoborodov.
The Russian startup currently claims 8 million unique visitors (up from 5 million last year), mostly from the motherland itself. But that startup is also gaining a firmer foothold in other parts of the country.