Meerkat, the live stream video app, recently raised a whopping $12 million. Led by Greylock’s Josh Elman, the funding was part of a Series B round, which was also supported by Angel Investors. Accoridng to TechCrunch, Meerkat is a spin-off of Venture-backed Life on Air, Inc., that raised $3.5 million in seed and Series A funding. The app has caught the fancy of app users and was the darling of the recently concluded South by Southwest Music festival.
Meerkat syncs with Twitter to let users put videos on live stream and also share videos in real time. The app quickly caught the attention of Product Hunt users as soon as it was posted on the startup and app discovery website. Within a month’s launch, the app has more than 300,000 users.
During its initial days, after the launch, Meerkat heavily depended on Twitter’s social graph to spread its user base that’s how its users kept growing exponentially. But once Twitter acquired a rival live streaming startup Periscope, it crippled Meerkat’s access to its social graph, in other words, the followers. But according to reports, Meerkat’s users have grown 30% despite the limitations and it has also come up with new features, which will help the app operate independently of Twitter.
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