The video content platform raised the cash seven months after a $20m WME-backed round that valued it at $100m, and will spend it on product development and expanding content.

Whipclip, a US-based online video platform backed by talent agency William Morris Endeavor (WME), reached a first close of its series C round yesterday, raising more than $40m.

Asset management firm Eminence Capital led the round, while venture capital firm Institutional Venture Partners and Raine Ventures, the venture capital arm of merchant bank Raine, also participated.

Whipclip’s platform enables users to legally create, modify and share sub-30 second clips of television and video content to audiences who can then legally…