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 $2.86 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.

So yesterday we reached out to the company directly yesterday, however, and they said that the filing wasn’t what it appeared to be. A company rep said:

“This was not an additional raise of funds, this was an internal conversion of shares. The filing was just a formality of the conversion.”

We’ve asked for any more follow up details and will add them here if they come in.

To be sure, it has been a varied several months here for Viddy, with the departures of co-founders Brett O’Brien and Chris Ovitz and the successes of competitors such as Socialcam (which sold to Autodesk) and Vine (which sold to Twitter and has since become a phenomenon on iOS.) But at the moment, a dramatic down round does not seem to be the latest bit of rough news for Viddy.