GIF startup Giphy has raised $72 million in equity funding. The latest investment round raised the company's value to $600 million.

The consortium providing the financing consisted of Draper Fisher Jurvetson, Institutional Venture Partners, and China Media Capital.

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Giphy claims that it distributes over one billion GIFs daily, leading to two million hours of GIF viewership each day. The company also said that its GIFs are viewed by over 100 million people. The firm was founded in 2013 and is part of the venture incubator Betaworks, which is based in New York. The latest funding was obtained as a Series D round.

While the company told The Wall Street Journal that it does not generate revenue, investors are interested in the firm as it provides potential to grow into a new age media studio. Giphy has collaborated with major events and companies such as Paramount Studios and Major League Baseball for almost instant generation of GIFs reliving important moments.

Adam Leibsoh, chief operating officer of the company, told The Wall Street Journal that most of the content found on Giphy already has branded elements in it.

The company's latest investors are bullish about the idea as Barry Schuler of Draper Fisher Jurvetson said that GIFs are emerging as a favored form of advertisement. He added that the format is well liked by the consumers as well. Giphy plans to use the funds to expand its technical capabilities and headcount. The company currently has nearly 75 employees, and it plans to be the YouTube of GIFs.