Southeast largest telco SingTel has joined part of a group to invest US$13 million in mobile video services startup Vuclip.
The telco, a new investor in the company, led the Series D funding with existing investors New Enterprise Associates (NEA) and Jafco Ventures.
Vuclips's platform allows users a "consistent mobile video experience regardless of the model of device they own", according to a press release Thursday. It claims to also compress files by up to 80 percent, reducing the consumption of mobile data necessary.
"Vuclip has built an impressive user base, monetization strategy, and management team and is truly emerging as a leading mobile media company," said Jeff Karras, managing director of SingTel Innov8.
“Vuclip is the fastest growing video service since YouTube, but has much better engagement," Sturiale added.
According to the statement, the funds raised will be used to meet "tremendous global demand" particularly in Asia, the Middle East and Latin America, as well as to further innovate Vuclip’s media and advertising platform.
"We believe that growth in mobile video is being driven by three major factors: the spread of low cost smart phones, rapid growth of mobile-only Internet users and demand for compelling content," said Nickhil Jakatdar, CEO of Vuclip.
Jakatdar added this was happening in emerging markets differently from developed markets.
Vuclip said it has 45 million monthly active users worldwide and is currently partnering telcos such as Vodafone and Bharti Airtel