SAN FRANCISCO — Loom, a video messaging platform for work, has announced $130 million in new Series C funding. The new round boosts the company’s valuation to $1.53 billion – more than quadrupling it in less than a year. Andreessen Horowitz led the round, with new participation from ICONIQ Growth, along with participation from existing investors, including Kleiner Perkins, Sequoia Capital, Coatue Management, and General Catalyst.
Loom plans to use the funds to drive product innovation and scale operations globally.
Loom operates 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 said it 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.