- Social news aggregation company Reddit announced it is buying Dubsmash. These are the details.
Social news aggregation company Reddit has been actively moving into the video space and its most recent acquisition proved this. In a statement on Sunday, Reddit said it acquired Dubsmash for an undisclosed price.
Dubsmash — which is a company that rivals TikTok and is especially popular with women and a younger audience — enables users to create and share video content. Around 25% of Black teenagers in the U.S. use Dubsmash. And women make up 70% of Dubsmash’s users. Plus 30% of Dubsmash users log in every day. Currently, Dubsmash is seeing over 1 billion video views per month.
Dubsmash co-founders Suchit Dash, Jonas Drüppel, and Tim Specht will be joining Reddit, effective immediately. While Dubsmash is going to maintain its own platform and brand, the company’s video creation tools will be integrated into Reddit.
Reddit started allowing users to upload and share videos on the platform since 2017. And the number of videos posted to Reddit doubled in 2020.
“In our years of building Dubsmash, we’ve learned how video can spark creativity, unlock interactions, and deepen connections within communities” said Suchit Dash, Head of Dubsmash. “We want to continue our journey to bring best in class video products to our users, and now Reddit users. We believe in the idea of connecting creators around interests and topics, something Reddit has pioneered, in our growing Dubsmash community.”
Prior to the acquisition, Dubsmash had raised about $20.2 million in funding, according to Crunchbase. Dubsmash’s investors include Lowercase Capital, Eniac Ventures, Heartcore Capital, Sunstone Life Science Ventures and Index Ventures.
“Both Reddit and Dubsmash share a deep rooted respect for how communities come together,” explained Steve Huffman, CEO, Reddit. “Dubsmash elevates under-represented creators, while Reddit fosters a sense of community and belonging across thousands of different topics and passions. It’s clear that our missions closely align and that our community-focused platforms can coexist and grow as we learn from each other.”
