San Francisco-based video messaging platform Loom announced Thursday that it raised $130 million in a Series C round led by Andreessen Horowitz. The latest raise secures the company’s status as a unicorn with a $1.53 billion valuation. The new number is a big jump for the company which was last valued at $350 million in May of 2020, according to Forbes.
Much like other workplace tools including Zoom and Slack, Loom has greatly benefitted from the new era of remote work ushered in by pandemic. Loom’s user base has grown more than 900 percent since early 2020, according to the company.
Loom’s workplace video messaging platform provides teams with a way to instantly communicate with each other no matter where they are in the world. As opposed to live video chat, the platform provides users with the ability to capture, record and send video messages to one another. The tool could be especially helpful for enterprise teams that are spread out across different time zones.
“A little over a year ago, the entire global knowledge workforce went remote and started working exclusively in the cloud – and, with no playbook, leadership teams figured it out as best they could,” Joe Thomas, co-founder and CEO of Loom, said in a company blog post. “Now, it’s time to rethink how work happens, the tools that support work, and how the tools fit together.”
All told, Loom serves more than 10 million users across more than 120,000 companies.
“It’s a complex time for organizations starting to navigate a post-pandemic world. As a Hybrid company run on Loom from the beginning, we’re ready to share our lessons learned,” Thomas continued. “We aim to be a trusted partner to leaders investing in strong cultures and team communication to fuel the best work in this new reality.”
The company will use the additional capital to drive product innovation and scale its operations globally. Loom will also invest in its team as it continues to grow.
The company is now hiring for 18 open positions across departments, with a focus on expanding its engineering and data teams. All roles are available to work remote or in-person at Loom’s San Francisco headquarters.
“This has been, and will continue to be, change on a generational scale. To successfully usher in this new era of work, companies need to find new ways to communicate and to build productive, happy, and scalable teams,” Thomas said.
Additional investors ICONIQ Growth, Kleiner Perkins, Sequoia, General Catalyst and Coatue participated in the round, among others.
Loom has raised $203.6 million in venture capital financing to date, according to Crunchbase.