Networking tool Urturn raises £7m
A social networking tool used by celebrities including Snoop Dogg and One Direction yesterday announced it has raised $10.7m (£7.1m) from the backers of Betfair and Lovefilm.
Urturn, which launched in the UK in January, is a social network that allows users to edit and share video, pictures and music clips. It has proved popular with teenagers as well as the music industry.
The site was developed by Swiss brothers Stelio and Alexander Tzonis, who are based in East London's so-called Silicon Roundabout.
The company has raised $13.4m (£8.85m) from two companies, the venture capital firm Balderton (which has backed Betfair and Lovefilm), and the private equity arm of pharmaceutical firm Debiopharm Group.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies