“Live video chat apps are shaping up as the next obsession for Silicon Valley investors, ” Wall Street Journal reports regarding the raise of $52 million by Israeli startup Life On Air inc. for its live video chat app Houseparty. The financing round was led by Sequoia Capital, previously invested in WhatsApp, which Facebook purchased for $19 billion, with the participation of previous investors Aleph VC, Comcast Ventures and Greylock Partners. The company has raised $70 million to date.
Houseparty is a second app for Life on Air, whose first product was live-streaming smartphone video app Meerkat, which failed after being frozen out by Twitter.
Houseparty, the video app for group chat especially millennials, is the Life on Air’s second app after Meerkat app which launched In 2015. Houseparty was released in early 2016 and has quickly emerged to the top of the mobile app charts to become the next big social network.
Founded in 2011 by CEO Ben Rubin, CTO Itai Danino, COO, Roi Tirosh and Head of Product Uri Haramati, Life on Air is headquartered in San Francisco with R&D in Tel Aviv.