Flipagram Acquired By Chinese Company Toutiao

Los Angeles-based mobile video sharing and creation company Flipagram, let by Farhad Mohit, has beenacquired by Chinese company Toutiao, the companies said this morning. Financial details of the acquisition were not announced. Toutiao said it will use the acquisition to help expand into the U.S. Toutiao said it will expand its footprint in the United States as a result of the deal, and will grow the Flipagram team. Flipagram was first launched in 2013 by Mohit, a longtime serial entrepreneur in Los Angeles. Flipagram was venture backed by Sequoia Capital, Kleiner Perkins Caufield & Byers and Index Ventures. The company had been looking for a buyer since December. Flipagram's mobile apps let users take their own photos and set them in time to popular musical tracks.