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.