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The National Basketball Association is investing in Zigazoo Inc., a TikTok-like app, as the kids’ social network gets more involved.
Among Zigazoo's investors are Serena Williams, Jimmy Kimmel, and the D’Amelio sisters.
An individual with knowledge of the situation estimates that the company is worth roughly $100 million after the fundraising round.
The $17 million investment was led by venture capital firm Liberty City Ventures, with Causeway Media Partners, Dapper Labs Inc., German media company OneFootball GmbH, and Hong Kong-based Animoca Brands Corp. also participating.
Zigazoo is a kid-friendly video-sharing software similar to TikTok that organizes challenges and activities for kids in brief clips, with the option to share their reactions with friends on social media.
Chief Executive Officer Zak Ringelstein says the app now has over a million users.
According to Ringelstein, Zigazoo will use the additional funding to develop new creative tools, establish a market for digital goods, and expand into "emerging tech industries" including augmented reality and the metaverse.
