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IAN, Sequoia swap Jigsee holding for Vuclip stake

  • Andrew Woodman
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Indian Angel Network (IAN) and Sequoia Capital have become shareholders in VC-backed XinLab, which operates under the brand Vuclip, following its acquisition of mobile video start-up Jigsee in an all-stock deal.

The details of the transaction have not been disclosed. Sequoia and IAN had been early investors in Jigsee in 2011 when the company raised just over $1million.

IAN president Padmaja Ruparel told Techcircle it had been a straight stock-swap deal with no cash involved. "The IAN members will now own shares in Vuclip and this is a great opportunity for us. This will give us a presence in an overseas market, and a stake in a strong niche technology brand like Vuclip," she said, adding that IAN would not have board representation.

Vuclip, which is also mobile video service, was set up in 2008. Among its VC backers is Singtel Innov8 which led a $13 million Series D round of investment in the company last November. Jafco Ventures and and New Enterprise Associates (NEA) also took part. In total the company has raised $35 million to date.

According to its website, Vuclip brings 25 million video views to consumers worldwide with offices in the US, Delhi, Singapore, Beijing, Shenzhen and Dubai.

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