Triller, the short video app backed by a Hollywood mogul and music celebrities, is rapidly ballooning in both user size and valuation. It’s now seeking a new funding round of $250 million that will push its valuation to over $1 billion, according to a source with knowledge of the matter.That’s a leap from its $130 million valuation reported last October. Triller’s founder and CEO Mike Lu declined to comment, although another executive confirmed the funding with Dot.la. The app has emerged as what many see as a TikTok replacement, but it has been around since 2015, two years before TikTok’s debut, and has its own “identity and ecosystem,” the founder insisted. According to Lu, Triller was already recording “significant growth” even before the Trump administration began mulling a ban or a forced sale of TikTok, although he also admitted the app is getting a boost from the TikTok backlash. 35 million new active users joined Triller just within the last few days. The app has so far collected 250 million downloads worldwide. The Los Angeles-based startup still has a long way to catch up with TikTok, which crossed 2 billion downloads in April. The rivals both tout their capability to let users match videos with music, a defining feature for their success. In fact, Triller recently filed a lawsuit accusing its Chinese rival for infringing its patent for “creating music videos synchronized with an audio track.” Triller attributed part of its achievement to majority investor Proxima Media, the Hollywood studio founded by Ryan Kavanaugh. Lu said his company has spent zero in marketing to reach its size, something that “has never happened in technology history.” But Ryan, the film producer and financier behind hits like The Fast and the Furious and The Social Network, has no doubt brought unmatched media exposure, celebrity connections, and naturally, their fans who convert to Triller users. Triller has also secured deals with major record labels, clearing the way for users to make music-centered videos. Its roster of angel investors include Snoop Dogg, The Weekend, Marshmellow, Lil Wayne, among other big names. “Ryan is second to none in Hollywood, entertainment and media,” said Lu. “I give [Proxima Media] a ton of credit for helping us get to this stage, this massive growth. I don’t think we could have done it without them.” Celebrity-quality content is one thing that sets Triller apart from TikTok, said Anis Uzzaman, general partner of Pegasus Tech Ventures, which invested in Triller in a strategic round. “TikTok tries to grow its own celebrities. Triller already has all the big celebrities,” the investor said, refering to videos shared by Alicia Keys, Cardi B, Marshmellow, and Eminem via Triller, which is now a popular place for releasing songs. TikTok has also become a testing ground for artists to test new works. Meanwhile, the app strives to keep its ordinary users engaged, one thing TikTok has done very well. For example, it boasts of AI-powered editing features that enable users to make professionally looking music videos. It’s also lanched a Billboard chart that ranks the biggest Triller songs, leveling the playing field between emerging creators and celebrities. “It gives the young people a feeling that they are close to celebrities,” observed Uzzaman. The investor also believes there’s room for multiple players in the short video space, akin to how Uber and Lyft co-exist. Indeed, China has seen TikTok’s Chinese version Douyin going head to head with Kuaishou in recent years. For Lu, Triller’s identity is anchored in music, especially hip hop music in the early days, with a demographic of 18-25. TikTok, in comparison, can be everything from light-hearted dance videos to goofy skits. One gets a hint of their differences from the visuals they picked for their App Store pages.