Loom, a US-based communication software developer backed by messaging app producer Slack, has completed a $28.8m series B round that valued it at about $350m, Fortune has reported.
The round was co-led by venture capital firm Sequoia Capital and investment management firm Coatue Management and it increased the company’s total funding to more than $73m.
Founded in 2015, Loom has created a software platform with more than 4 million registered users who can utilise it to record and share video messages. The system facilitates personal contact without the requirement to schedule a full one-to-one meeting.
Although it can be utilised for business purposes, the platform is increasingly being used for education during Covid-19 lockdowns, as teachers and tutors can record entire lessons that can be watched back by their pupils.
Loom has made the premium version free to all educators, and recently launched Loom for Teams, a product that enables users to record and maintain a repository of Loom videos that can be used for ongoing purposes such as training.
The series B funding doubled Loom’s valuation from its last round – also billed as a series B – in November 2019, when it raised $30m from Sequoia Capital, VC firm Kleiner Perkins, Dylan Field, Mathilde Collin, Kevin Systrom and Mike Krieger.
Slack subsidiary Slack Fund joined General Catalyst, Point Nine Capital, David Okuniev, Eric Wittman and Brian Balfour to supply $4m in seed capital for Loom in mid-2018, before taking part in an $11m series A also featuring Kleiner Perkins, Point Nine, Jared Leto and Daniel Gross later the same year.
