Whipclip, a startup whose mobile app lets TV fans share 30-second snippets of shows on partner networks, has raised more than $40 million in initial Series C financing led by asset-management firm Eminence Capital.

The funding brings Whipclip to more than $60 million raised to date. Previous investors Institutional Venture Partners and Raine Ventures also participated in the round. The company said it will use the funding for product development and to expand operations and content-partner relationships.

Other Whipclip backers include WME, Ziffren Brittenham, Greycroft, and individual industry execs including Ari Emanuel, Peter Guber, Steve Bornstein, Scooter Braun, Gordon Crawford and Ron Zuckerman.

Whipclip has deals with TV networks including ABC, CBS, Fox, Turner Broadcasting, Viacom, A+E Networks, Bloomberg, Fusion, OWN and Pop, as well as Universal Music Group and Sony Music. The startup's app, launched this spring, lets users 'clip' live TV or search for specific moments in past episodes and then share them with friends.

'By partnering with leading networks and content providers Whipclip is truly pioneering a new model to allow viewers to discover and interact with great content from broadcast media and the music industry,' Eminence Capital CEO Ricky Sandler said in a statement.

Whipclip also in recent months has reached deals with 25 publishers under which they can embed video clips of the shows into articles on their websites.

Whipclip was founded last year by Richard Rosenblatt, former CEO of Demand Media, and Ori Birnbaum, an entrepreneur and former venture capitalist. The company, based in Santa Monica, Calif., with offices in Tel Aviv, Israel, currently has about 50 employees.

The Raine Group and Latham & Watkins advised Whipclip on the funding round.