NEW YORK: Video-sharing website BitChute is raising US$10 million in Series A funding at a valuation of US$750 million to US$1 billion, according to one of its investors and a presentation seen by Reuters, as it seeks to add new features that allow live-streaming and the payment of content creators by users.
BitChute, which bills itself as a free-speech alternative to Alphabet Inc-owned YouTube and other platforms, has had “negligible” revenue to date, shareholder Jeffrey Wernick, told Reuters, even though it has attracted a significant user base, particularly among young men.
BitChute said in response at the time that it complies with the law and has rules banning racist content or incitement of violence. Wernick said BitChute was pursuing a combination of high net-worth individuals and venture capital funds. He declined to provide specific names.Wernick said that together with fellow bitcoin enthusiasts Patrick Dai and Matthew Branton, they control 60 per cent of BitChute after investing a “nontrivial” amount in the company. The remaining 40 per cent is controlled by cofounders Ray Vahey and Rich Jones, Wernick said.
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