- Video communication app company Loom announced it raised $30 million in Series B funding led by Sequoia Capital
Video communication app company Loom announced it has raised $30 million in Series B funding led by Andrew Reed of Sequoia Capital. Existing investors from Kleiner Perkins and Kleiner Perkins and Dylan Field of Figma also joined the round along with new investors: Instagram co-founders Kevin Systrom and Mike Krieger along with Front CEO and co-founder Mathilde Collin.
Loom enables users to share their screens and make records with front-facing cameras. This makes communicating simpler than text messaging and writing messages back and forth on Slack. Soon Loom will be launching an iOS app and an Android version will be released soon after.
“The rise of chat and video conferencing have made real-time communication via text and video more accessible than ever before. It’s become the norm, but should it be? Despite their obvious benefits, we still all suffer from the interruptive nature of constant pings and time wasted in unnecessary meetings. Not to mention taking meetings and fielding chat messages before the start and after the end of an already long work day,” wrote Loom CEO Joe Thomas in a blog post. “We’re big believers in the benefits of asynchronous communication. Those benefits are amplified when the medium is video. So, here’s what we’re doing about it.”
Including this round of funding, Loom has raised over $44 million in total funding. Over 15 million minutes of video on Loom are shared every month by over 1.8 million people who work across 50,000 companies.
With this round of funding, Loom is planning to improve the app’s security and collaboration functions. Currently, Loom has 45 employees and they will be hiring more across every department.
Since Loom raised its Series A round of funding in late 2018, the company also built a strong leadership team, including Nicole Obst as head of growth, Andy Gale as head of operations, Joshua Goldenberg as head of design, and Matt Hodges as head of marketing.
Loom was founded by Thomas, Vinay Hiremath, and Shahed Khan. But Khan is stepping down in order to work on a new project.
