Loom, Inc.

For other uses, see Loom (disambiguation).
Loom, Inc.
Company typePrivate
IndustryTechnology
Founded2015; 9 years ago (2015)
Founders
  • Vinay Hiremath
  • Shahed Khan
  • Joe Thomas
Headquarters
San Francisco, California
,
US
ProductsCommunication software
Parent
Websiteloom.com

Loom, Inc. is a technology company that provides video communication software for work. Its technology includes screen and camera recording, video editing, transcription, and the ability to share the recorded video link with others.

In 2022, according to Forbes, the firm was valued at $1.5 billion, having secured $200 million in funding from venture funds such as Sequoia Capital, Andreessen Horowitz, ICONIQ, Coatue, and Kleiner Perkins.[1][2] It is remote, but is headquartered in San Francisco, California, with an office in New York.

On November 30, 2023, it was announced that Atlassian completed its purchase of Loom, Inc.[3]

History

In 2015, the company was founded by Vinay Hiremath, Shahed Khan, and Joe Thomas in San Francisco, California.[4][1]

In June 2016, the Loom Chrome extension was released for recording a user’s screen and face, and then providing a link for the video.[5][1] In August 2018, Loom desktop app was launched, followed by the app for iOS in 2020 and Android in 2021.[6][7][8][9]

In June 2021, Loom launched a software developer kit beta version that allows companies to add a Loom-powered video record button to their own applications.[10] In the same year, the company surpassed 14 million users and 200,000 businesses across 230 countries worldwide.[11]

In 2022, Loom launched Loom HQ as the next iteration of the company’s platform for corporate teams.[12] In 2023, the company was acquired by Atlassian for $975 million.[13]

Investments

In October 2016, the company closed its seed round with $600,000. The lead investor was 1517 Fund.[14]

In February 2019, Loom received nearly $11 million in a Series A round led by Kleiner Perkins.[14] In November, the video messaging platform raised $30 million in a Series B round led by venture capital firm Sequoia Capital.[15]

In May 2020, Loom closed a $28.75 million second Series B by Sequoia Capital and Coatue. The investments valued the company at an estimated $350 million.[16] In May 2021, the company received $130 million in a Series C round led by Andreessen Horowitz, securing the company’s status as a “unicorn” and a $1.53 billion valuation.[17]

Recognition

In 2021, Loom entered the top three favorites in the category "Communicate and collaborate" Google's Best Chrome Extensions.[18] In the same year, the company was named the best medium-size companies for remote employees by Quartz.[19]

In 2022, Loom was included on Inc.'s “Best Workplaces 2022” list.[20]

References

  1. ^ a b c Li, Steven (March 14, 2022). "Nearly-Broke To $1.5 Billion: How They Built Loom And Grew It To 14 Million Users". Forbes. Retrieved 2022-08-31.
  2. ^ "Loom Workplace Video Message Platform Valued at $1.53 Billion". Bloomberg.com. 2021-05-20. Retrieved 2022-08-31.
  3. ^ "Atlassian Completes Acquisition of Loom". Reworked. Retrieved 2023-12-08.
  4. ^ "Work-focused video messaging platform startup Loom raises $130M on $1.5B valuation". SiliconANGLE. 2021-05-20. Retrieved 2022-08-31.
  5. ^ Pierce, David (2021-10-30). "How Loom created an industry — and maybe figured out the future of work". Protocol. Retrieved 2022-08-31.
  6. ^ "Loom is Introducing a Desktop Screencasting Tool". Retrieved 2022-08-31.
  7. ^ podfeet (2020-09-27). "Make Screen Recordings and Have Them Instantly Available Online using Loom". Podfeet Podcasts. Retrieved 2022-08-31.
  8. ^ "Loom - Create Screencasts on Your iPad". Retrieved 2022-08-31.
  9. ^ "Loom releases Android app for screen recordings". Redeeem. 2021-03-24. Retrieved 2022-08-31.
  10. ^ "Loom's new SDK lets any company add video messaging to their apps". VentureBeat. 2021-06-02. Retrieved 2022-08-31.
  11. ^ Gyimesi, Jenna. "My cofounders and I grew our app to 14 million users, but it wasn't easy. Here's how we got the first million and what I learned". Business Insider. Retrieved 2022-08-31.
  12. ^ Finnegan, Matthew (2022-04-01). "Async video platform Loom gets collaborative 'HQ'". Computerworld. Retrieved 2022-08-31.
  13. ^ "Atlassian to buy video messaging provider Loom for nearly $1 billion". Reuters. 2023-10-12. Retrieved 2023-10-12.
  14. ^ a b FinSMEs (2019-02-19). "Loom Raises $11M in Series A Funding". FinSMEs. Retrieved 2022-08-31.
  15. ^ "Loom loots $30m in series B round". Global Venturing. 2019-11-27. Retrieved 2022-08-31.
  16. ^ Wilson, Alexandra. "Exclusive: Why All-Star Investors Think $350 Million Video Startup Loom Is The Next Big Thing In Remote Work Tech". Forbes. Retrieved 2022-08-31.
  17. ^ "Video Messaging Platform Loom Secures Unicorn Status Following $130M Series C | Built In San Francisco". www.builtinsf.com. Retrieved 2022-08-31.
  18. ^ Mehrotra, Pranob (2021-12-08). "Google shares its top Chrome extensions and Chrome OS apps for 2021". XDA Developers. Retrieved 2023-03-02.
  19. ^ Staff, Quartz (2021-09-08). "Quartz's 2021 ranking of the best companies for remote workers". Quartz. Retrieved 2022-08-31.
  20. ^ "These Are the 475 Best Companies to Work For in America". Inc.com. Retrieved 2022-08-31.