Givit, a social video and editing app, announced today that the company has closed a $2.5 million funding round from ATA Ventures and JK&B Capital, and with the newly minted funding round the app has been rewritten from the ground up. It now includes a function that enables in-app video editing and the option to quickly feature highlights from the video.

Prior to this update, Givit focused on offering a private platform for sharing intimate videos with your smaller social circles through email, Facebook, or YouTube — which you still can do. It also remains incredibly simple to use: You point your smartphone or other mobile device, shoot video, edit the content, and then share the secure URL of the video, which would then automatically upload to Givit’s cloud. 

Private video sharing — and sharing in general — has become a popular market.  shared videos privately. Services like YouTube upload content to a public database, which users can then make private. Givit flips around this notion, uploading your content privately from the start, and allowing you to make it as public as you want. But Givit explained to us that it is now focusing less on the private sharing of videos.

Today with the update to Givit, the app will add in-app video editing features to its toolkit, which is what merited the rebuilding of the app from scratch. We tested out the new Givit, and it shares some similarities with Windows Movie Maker but condensed into a smartphone-sized form factor. The power of Givit now is that videos uploaded to its cloud are editable frame by frame through an editing page called “Highlight.” You’re able to cherry pick specific frames from the clip, as well as combine or rearrange them. You can even select multiple videos to mix together.

Unlike other video hosting services, Givit believes that people are only interested in watching just a couple of minutes rather than the full length of a video clip. The company expects that users, after capturing video, will edit the clip down to just the “Highlights” of the footage. With the average YouTube video just a mere three minutes long, the theory makes sense. “The reasoning behind Givit’s new app today is that recording video is simple, but editing video is hard and unedited footage can be boring, Givit CEO, Greg Kostello, told us. “With Givit, users don’t ‘edit,’ but instead easily select the best video ‘highlights’ by capturing only the compelling action or moments.”

When satisfied with the frames you’ve chosen to feature, the “Effects” tab offers 10 different transitions (like “fade to black,” for examples) that you’re able to manually include in between frames. This feature also provides motion effects (like slow-motion, or speeding up and instant replay). Givit says more transitions will be added after today’s launch. Of course the final step is adding music: Givit provides users with a library of music based on categories like “Love” and “Dramatic,” or existing music from the mobile device can be used instead.

Using the app is straightforward, give or take a few minor bugs. But if you’re looking for a quick and dirty fix to edit a video in less than one minute straight from your smartphone, Givit might be your best bet. Plus, a perk for signing up for Givit is that users can use the service as a cloud platform that now hosts up to 5GB of free space (up from 2GB) of private video storage and sharing. 

The app is now first available on the iPhone and will be coming to Android devices soon.

Edit: We wrote earlier that Givit videos must be uploaded to the cloud before it can be edited, however videos can be edited within the app, without requiring it being uploaded. Publishing the video through social networks or email will then automatically upload the video to Givit’s cloud.