Newly developed Flipagram, a social media app to create and share compelling, visual stories with music, has been struggling to compete with tech giants like Snapchat and Instagram. But now, it seems to have a fighting chance thanks to some fresh financing. That's because a huge Chinese news company, Toutiao, has acquired the Los Angeles based startup.

Launched as a free app in November 2013, Flipagram’s mission is to give everyone the power to create and share compelling, visual stories that inspire, entertain, and inform.