Once a company sells for a billion dollars, a whole lot of other companies want to follow in its footsteps. So, welcome to the land of the Instagram clones. In order to differentiate sufficiently to attract investor attention, the next step is to develop an app that is ‘Instagram for video.’ Several hot investors think they’ve found this with Viddy.

The instagram for video will look so different from instagram that no one will make the comparison

— robgo (@robgo) April 23, 2012

According to TechCrunch, Viddy just raised a Series B round of $30 mn, valuing the company at $370 mn. Alexa Tsotsis puts it best: ‘I have no idea whether that is post or pre-money but whatever it is, it is really f—ing ambitious, and Viddy is throwing its reported 10 million users on the table.’

NEA is one of the investors, joining previous investors that include Twitter co-founder Biz Stone, Omniture founder Josh James and Shakira.

Again, Tstotsis nails it: ‘Stupid hype cycle. I love/hate you.’

Click here for FREE email alerts from Inside IPO >>

Source: TechCrunch

Photo: jpowers65 via Flickr