A BRITISH technology firm has become the latest social media startup to gain millions of pounds worth of funding, raising $13.4m (£8.9m) in a round of investment led by Balderton Capital.
Urturn, a social networking app which allows its users to customise photos and video clips and then send them to friends, announced the investment round yesterday, with $10.7m coming from Balderton, which has invested in other internet startups including Betfair, Bebo and Lovefilm.
The company, which pitches its service as a “social platform for self expression” was only set up by chief executive Stelio Tzonis in January but has already attracted celebrity users including Will.i.am and Snoop Dog.
“We are excited to watch the progress and continued word-of-mouth endorsements that have earned Stelio and his team the support of many loyal users already,” Balderton’s Barry Maloney said. Urturn, which has 25 employees, said it would use the funds to launch a mobile app.