Video software platform Vimeo raises $300 million in funding
The funds had been raised at a post-money valuation of about $6 billion, greater than doubling from the $2.75 billion valuation in November final yr when Vimeo raised $150 million from Thrive Capital and Singapore’s sovereign wealth fund GIC.
Vimeo mentioned the funding is occurring by means of two tranches – an preliminary $200 million spherical at a pre-money valuation of $5.2 billion and a $100 million spherical at a pre-money valuation of $5.7 billion. The contemporary financing will likely be used to speed up investments in development, innovation and expertise, the corporate mentioned in a press release.
“As the world embraces video like never before, Vimeo is in an incredibly strong position to help more businesses take advantage of this powerful medium,” mentioned Vimeo chief govt Anjali Sud “We have built an industry-leading solution that the market needs, and we intend to move swiftly to bring our professional-quality tools to millions more users.”
The 16-year-old video service began off as a video sharing platform, rivalling Google’s YouTube. However, it later pivoted to providing video software options to companies, enabling them to create, handle and share high-quality movies. It gives these options by means of varied pricing plans ranging from $7 per thirty days and going as much as $75 per thirty days with a 30-day free trial.
Vimeo additionally supplies a free fundamental membership with restricted storage and options for people and a customized enterprise answer for giant companies.
The firm is benefiting from the rising adoption for distant work throughout the pandemic. In December, Vimeo mentioned income jumped 57% year-on-year, the very best development charge clocked in 2020. It has over 200 million customers the world over with 1.5 million paying subscribers. Among its company clients embody Amazon, Starbucks, Deloitte, Zendesk, Rite Aid and Siemens.
“Vimeo is the quintessential IAC success story,” mentioned IAC chief govt Joey Levin “With patience, discipline, and ambition, Vimeo has transformed from a tiny seed to a large global enterprise making its mark on the world, and Anjali Sud is an exceptional leader.”
Following the spin-off, Vimeo would be the eleventh agency to be hived out of IAC after Expedia, Match Group, and Lending Tree amongst others.
