Vimeo has raked in $150 million in equity investment. The leading professional video platform received the investment from Thrive Capital and GIC. The company was recently valued at $2.75 billion. The fresh capital will help the company invest more in its R&D, sales, and international expansion.
Anjali Sud, CEO of Vimeo, said, “Our goal is to radically simplify how businesses create and share video, with tools that are far more intuitive and cost effective than they’ve been historically. We’re energized to access additional capital to pursue this enormous opportunity with the full focus and scale of the Vimeo platform.”
Vimeo has seen an impressive increase in demand for its services in 2020. It has acquired as many as 200 million users globally during the pandemic, and the company is especially becoming popular amongst the enterprise and collaboration products. The video platform has over 1.5 million paying subscribers, of which 10% are using multiple seats per account.
“We are thrilled to partner with Vimeo and help accelerate its unique position as the single platform that can serve every individual’s, team's and enterprise’s video needs, from creation to marketing, corporate communication, live events and more,” said Miles Grimshaw, General Partner, Thrive Capital.
The company was profitable in the Q3, in which its overall revenue grew by 44% year over year. In 2019, Vimeo expanded its product suite with the launch of Vimeo Enterprise (internal broadcast and collaboration tools for larger organizations), Vimeo Create (a quick, easy video maker for SMBs), and Vimeo Record (a free video messaging tool for teams).