Monday, September 20, 2021

Tech startups Vyng raises undisclosed amount from Indian Angel Network

Vyng has raised angel funding round led by Sandeep Soni from the Indian Angel Network

Los Angeles based start-up Vyng has raised an angel funding round led by Sandeep Soni from the Indian Angel Network. The investment by IAN was part of a $3 million-dollar round, Vyng raised in 2017. The company plans to use the investment to bring additional focus to the Indian market. Incepted in 2016 by Paul Kats and Jeffrey Chernick, Vyng is a lock screen app focus on millennials. It that let user set videos as ringtones for friends, playing a fresh video on the lock screen with every call. Since its official launch in early 2017, Vyng boasts of around 500 million videos played across 170 countries.

“In today’s conveyor belt of identikit smartphones, where there is little scope for innovation, it is interesting and awe-inspiring, to see how something as simple as a phone’s lock screen can be transformed into something as disruptive as done by Vyng. It is noteworthy to mention that in a country like India where, user generated content is growing by 30 percent week over week, Vyng is adding over 20 percent users week by week. Clearly, there’s immense scope for brands to target consumer’s lock screen for content marketing,” said Sandeep Soni, Lead Investor, Indian Angel Network.

Paul Kats, Co-Founder & CEO, Vyng, said, “Phone calls and notifications have no emotional, entertainment or social expression. In 2018, while there are tools like stickers, lenses, and filters that allow us to express ourselves inside of apps, we think it’s “crazy” that these don’t exist for the primary form of communication—the phone call. With Vyng, we fill this void. We are incredibly privileged to be invested in by such an amazing set of investors like IAN. We believe that their experience and in-depth knowledge would provide a significant boost to our quest to build, introduce and further expand our innovative offerings not only in the Indian market but also worldwide”

Paul added, “There are over 8 billion phones calls on smartphones and 22 billion SMS notifications every single day. Vyng can fundamentally improve those experiences and bring value to the user at the very first touch point.”

Backed by March Capital, a Google Ventures partner, and advised by the founders of Giphy and GroupMe, the company plans to raise additional capital from strategic institutional investors in India.


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