Workplace communication apps are still drawing money from investors, with Loom being the latest to receive venture dollars.
The video communication app company raised $30 million for its Series B round, which was led by Sequoia Capital. Existing investors from Kleiner Perkins and Figma also participated in the round, as did new investors (and Instagram co-founders) Kevin Systrom and Mike Krieger, according to a blog post by CEO Joe Thomas.
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Loom lets users share their screen and record with their front-facing camera. Instead of sending emails or typing up a long message over Slack, users can communicate faster with colleagues or even customers by recording and narrating a short video over their phone.
“The rise of chat and video conferencing have made real-time communication via text and video more accessible than ever before,” Thomas wrote in the blog post. “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.”
The new round brings Loom’s total funding to more than $44 million. The company raised its $11 million Series A, which was led by Kleiner Perkins, earlier this year.
According to the company, more than 15 million minutes of video on Loom are shared every month by more than 1.8 million people who work across 50,000 companies.
Part of Loom’s plans for the new funding is to make the app work better for teams by improving security and collaboration functions, according to the blog post by Thomas. The company, which has around 45 employees, also plans on ramping up hiring across departments.
Illustration Credit: Li-Anne Dias
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