Viddy, the video-sharing app, has hit 26 million users and is seeking new financing that would value the company at $200 million, according to a report.

In addition to hitting 26 million users, Viddy is signing up 1 million new users a day, according to The Wall Street Journal. Reps from Viddy could not be reached for comment at press time.

Launched a year ago, Viddy is one of a handful companies offering an “Instagram for Video.” Other firms attempting to do the same include the Leonardo DiCaprio-backed Mobli Media, which has 3 million users and Socialcam, which now has 36 million after going live 14 months ago. Color, which had initially styled itself as a photo app, in December began offering streaming of live video that can be shared on Facebook. Color has about 1 million users.

The firms benefit from the association with Instagram, which Facebook bought for $1 billion last month. Instagram had 35 million users at the time. Like Instagram, Viddy offers filters in addition to other effects. The company also boasts celebrity backers including Will Smith, Shakira, Jay-Z and Biz Stone. Viddy also drew attention in late April when Mark Zuckerberg joined up and used it to share a video of his dog, Beast.

Photo courtesy of Flickr, poohka

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