Mogreet Picks up $5 Million

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Mogreet, the mobile video messaging company based in Venice Beach, CA, has raised $5 million in additional venture capital, TechCrunch reports.

“Mogreet, founded in 2006, has developed a distribution platform for mobile video messages dubbed ‘mogreets’ (short for mobile greetings), which can be delivered by MMS or as an attachment in a text message,” the report said. “Mogreets, which are in essence video files compressed to 100 kilobits or less, are priced between $0.49 and $0.99. Evidently, teenagers are the company’s main target group.”

Since its inception, Mogreet has struck partnerships with Paramount and other companies to build up a catalog of about 3500 mobile greeting videos. They also have on-deck partnerships with AT&T, Sprint, and Verizon Wireless. There’s no word yet on what the company plans to do with the additional funding (aside from keep running).