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Twitter rival Meerkat announces $14 million in funding

There are two big steps in the world of live streaming.



Live-streaming smartphone video app Market, which was launched last month, had one day of joy. The founder and CEO Ben Rubin shared on Thursday the news in his blog: The startup has raised $14 million in a financing round.

The same day Twitter announced its acquisition of the livestream app: Periscope.

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Rubin said he is encouraged by the competition news: “Periscope is a very slick product, a very beautiful product, but there is room for multiple players in live video. If you have a good idea and you don’t think there’s 10 other smart teams working on it already, then you don’t have a good idea.”

The financing round led by Greylock Partners (Josh Elman of Greylock is joining the Meerkat board) and a range of eclectic investors, including Jared Leto, David Tisch and Chad Hurley, cofounder of YouTube.

Other funds in on the deal were Aleph, Broadway Video Ventures, CAA Ventures, Comcast Ventures, Entree Capital, Raine Ventures, Sherpa, Slow Ventures, Sound Ventures, Universal Music Group, UTA, Vayner/RSE, and WME.

Meerkat based in San Fransisco and Tel Aviv, was founded in Israel by CEO Rubin, VP Product Uri Haramati, and CTO Itai Danino. The startup raised $3.7 million last year before changing its name to Life on Air Inc.



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