Musical.ly is set to raise $100 million in funding, according to TechCrunch. The app, a social media platform for creating, sharing and discovering short music videos, will be valued at $500 million after the investment is made.
The report says GGV Capital and Qiming Venture Partners will co-lead the round of capital and Greylock Partners and DCM will also participate, although details are not yet finalized.
Musical.ly is popular with teens and has topped the iOS App Store for free apps in 19 countries, including the United States, according to a press release. It is available on both iPhone and Android.
Josh Elman, partner at Greylock, is quoted as saying that Musical.ly lets users “turn the video camera on themselves and be comfortable expressing themselves in new ways.”
TechCrunch reports that it may have pending updates that will aim to make the app more appealing to an older demographic.