Showbiz heavyweights Jay-Z and Will Smith are among a group of investors who are backing a new video sharing application, Viddy.
The iPhone application which allows users to create small videos and share them with friends, much like Instagram works with photos.
Up to now, the Viddy app is a hit, with over 10 million registered users and 300,000 new members per-day.
Yesterday, the company announced that Will Smith’s Overbrook Entertainment, Jay-Z’s Roc Nation, Shakira, and Twitter founder Biz Stone are among the new investors in the company.
In an interview with the New York Times, Brett O’Brien, the founder of Viddy said that the celebrities have bought an undisclosed amount equity and will help to increase the “it factor” of the app.
“Shakira has 40 million fans on Facebook and she is huge in Latin America,” Brett O’Brien told the New York Times. “I’m pretty sure this will help us get bigger in Latin America.”
In February, Viddy completed a $5.5 million round of funding as well.