The video sharing technology that powered the now defunct Flip Camera has found a new home in a new iPhone app called Givit.

Givit aims to give popular video sharing apps Viddy and Socialcam a nice little run for their money.

With Givit, you can shoot a video or load one up from your camera roll and create highlights from it. These video highlights will then be stitched together by the app into a single video or a highlight reel. Note than you can also combine highlights from multiple videos.

Like a sort of Instagram for video, Givit lets you easily add motion and transition effects to your highlight reel. Furthermore, you can enhance your reel with music from Givit’s database or from your own music library.

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Once you’re done editing your reel and turning it into an un-boring video, you can, of course, share it. You can share it publicly through Facebook or YouTube, or you can share it privately via email. The latter sharing option makes perfect sense as Givit used to be a private video sharing app.

In addition to sharing your creations, you can also upload them to Givit’s dedicated cloud storage. Upon signing up for a Givit account, you automatically get 5 GB of storage. But if that’s not enough, you can avail of Givit’s premium packages.

Already optimized for iPhone 5, Givit is available now in the App Store for free.