The Loom workplace video messaging startup is valued at $ 1.53 billion after a new round of funding, more than quadrupling its valuation a year ago. The $ 130 million investment was led by Andreessen Horowitz, with the participation of Kleiner Perkins, Sequoia Capital, Coatue Management, General Catalyst and Iconiq Capital.

Loom’s video platform allows people to record send video messages at work. Its clients include Netflix, Atlassian and Twitter. According to Loom, more than 10 million people use the product at 120,000 companies, and the active user base is growing by 900 percent year-on-year. from work. Unlike Zoom, Loom messages are pre-recorded and are not for real-time communication. “It was a coincidence that he rhymes with Zoomra,” said Joe Thomas, co-founder and CEO of Loom.

The San Francisco-based company was valued at $ 350 million in a round of financing in May 2020, ”Thomas said. He said they saw a big market opportunity even before telecommuting grew, but the past year has shown how much demand there is for their product. “Learning the nuances of a point of view” is very effective, as opposed to the text, he said.

Andreessen Horowitz saw an opportunity in Loom because “there is no connection between consumer videos and business videos” said David George, general partner of the venture capital firm. He said Loom’s viral growth over the past year is unique to a business application. “It spreads mostly organically,” he said of the word-of-mouth spread. With this new investment, Loom aims to strengthen research and development and product innovation.

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