GIF maker Giphy is becoming more popular with investors, thanks to our never-ending thirst for short videos ranging from silly to serious.
The search engine to find your favorite GIFs has raised another $72 million in funding from investors Draper Fisher Jurvetson, Institutional Venture Partners, China Media Capital and existing backers, reported The Wall Street Journal on Monday.
With the new money, Giphy is now valued at around $600 million. The funding comes after the 3-year-old New York-based startup said last week its GIFs are seen by over 100 million people per day and that it serves one billion GIFs per day through its search engine, apps and partnership deals including Viacom, Disney and Major League Baseball.
Giphy intends to use the funds to add to its editorial staff and technical capabilities, Adam Leibsohn, Giphy's chief operating officer, told the Journal.
He added that the company is still figuring out how to bring in revenue. Giphy's next steps include expanding its vast library of GIFs linked to sporting events, news and entertainment.
"We want to be the YouTube of GIFs, where you'd come to create them, see them, share them," he said.
Giphy didn't immediately respond to a request for comment.