Loom Raises $130 Million to Scale Video Messaging for Hybrid Work; Quadruples Valuation to $1.53 Billion
SAN FRANCISCO, May 20, 2021 /PRNewswire-PRWeb/ — Loom, the video messaging platform for work, today announced $130 million in new Series C funding. This round boosts the company’s valuation to $1.53 billion – more than quadrupling it in less than a year – and serves as a strong endorsement of Loom’s vision to empower effective communication, wherever work happens. Andreessen Horowitz led the round, with new participation from ICONIQ Growth, along with continued participation from existing investors, including Kleiner Perkins, Sequoia Capital, Coatue Management, and General Catalyst. Loom will use the funds to build on recent momentum, drive product innovation, and scale operations globally.
Loom is an end-to-end video platform that enables a more effective, expressive way of communicating at work through videos that are instantly ready to record, share and watch anywhere. The company has achieved true viral status, a rarity in enterprise software, growing active users 900% year-over-year. It’s now used by 10+ million people across 120,000 companies and 192 countries to get work done wherever, whenever – without sacrificing creativity, productivity, or culture.
“The pandemic pushed the business world to finally embrace live video for hosting meetings, conferences, and whiteboarding sessions, but there hasn’t been a great solution for asynchronous communication in the workplace until Loom,” said David George, general partner at Andreessen Horowitz. “Loom is as fun and as easy to use as some of the most popular consumer video apps, but built for work. Wherever work happens in the post-COVID world, we believe Loom will become an essential communication platform for all businesses.”
Loom grew revenue by more than 1,100% this past year, adding enterprise customers including Netflix, Atlassian, JLL, Twitter, Olympus, Procter & Gamble, and Lacoste. Spanning all geographies, departments, and titles, users rely on Loom to share updates, provide feedback, communicate with customers, and augment meetings. Its asynchronous video messages accelerate the speed of information sharing while also fostering cultures of connection and engagement.
Loom’s massive growth has been partly accelerated by COVID and the move to remote workforces, but more so by the overwhelming demand for asynchronous video messaging as companies adopt hybrid models. Seeing more than 900% growth year-over-year in videos recorded (surpassing 100 million in February 2021) and videos viewed, Loom enables distributed teams to stay aligned, boost productivity and build strong relationships essential for high-performing companies.
“The time is now to rethink how work happens, the tools that support it, and how they fit together. This is a change on a generational scale,” said Joe Thomas, co-founder and CEO of Loom. “That begins with embracing new models of working, but also using tools that foster high-performing, sustainable cultures. We believe Loom is the future of communication at work and essential to making that shift successfully. Our growth over the past year, coupled with this new financing, validate that we’re well on our way to delivering a new standard for teams worldwide.”
Loom is the video messaging platform for work. It enables a more effective, expressive way of communicating through videos that are instantly ready to record, share and watch anywhere. As companies explore the new era of hybrid work, more than 10 million people and 120,000 companies across 192 countries already rely on Loom to get work done wherever, whenever – while fostering creativity, productivity and culture. To learn more, please visit http://www.loom.com.
Julia Szatar, Loom, +1 6503465892, firstname.lastname@example.org
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