Viddy: That $2.86M SEC Filing Is Not A Fundraise - It's An Internal Share Conversion

Yesterday, Viddy filed a regulatory document with the US Securities and Exchange Comission that seemed to indicate that the Los Angeles-based video sharing startup had raised $2.85 million in new funds. While cash infusions are always good things, that particular amount would be a big step down for Viddy in comparison to its frothy past -- just a year ago, the company closed on a $30 million round at a reported $370 million valuation.

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reese witherspoon