Banjo has secured $16 million in its second round of funding which was led by Balderton Capital. The social meda startup plans to use the new funding for its expansion, according to TechCrunch.

BlueRun Ventures and Vegas Tech Fund also participated in the Series B round, the report added.

Chief Executive Officer (CEO) and founder Damien Patton of  the startup: "Banjo is all about delivering live content that is indexed by location and context, however when people miss a news or major event, Rewind allows the user to relive the moment. It's the first location-based social graph, with a complete historical reference, drawing on posts that may have otherwise expired on your Facebook, Instagram or Twitter feeds."

With the fresh capital, the California firm will be able to acquire more staff and develop its media platform, the report stated.

Founded in 2011, Banjo is a social media platform that gives users a more convenient way of browsing through aggregated social media topics and news. It has a Rewind feature that lets users look at past events and people's comments about it. The startup currently employs 30 full-time workers, according to The Wall Street Journal.