Video Communication platform Livestorm has announced that it has secured $30 million in Series B funding. “I’m pleased to announce our latest funding round. We’ve raised a $30 million Series B to accelerate product development and our expansion into North America,” said Gilles Bertaux, Co-founder & CEO in the statement.
The funding round was led by Aglaé Ventures and Bpifrance Digital Venture, with participation from Raise Ventures and IDInvest. With this funding, the total amount raised to date by Livestorm has reached $35 million.
The company will use the funding to support expansion, add features, and reach more companies.
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“We’ll be using this latest funding round to develop new features and functionalities to support larger companies. We will create an ecosystem of integrations entirely dedicated to video communication. We believe that the next wave of video communication platforms will focus on more than just video distribution,” said Gilles.
“In addition, we will rapidly increase our marketing presence and scale our go-to-market strategies toward mid-market and enterprise clients in Europe and the United States, while hiring aggressively globally,” he further added.
Founded just four years ago, Livestorm has become a force to reckon with in the communication industry. It has been cited as the only platform for video communication that runs completely in a browser from any preferred device. The browser-based video communication service distance itself from others as it does not require any software to be installed by the users.
It is adaptable, from 1:1 meetings to large virtual events with more than 1000 attendees. The software also comprises end-to-end features for planning, promoting, executing, and measuring ROI for video meetings and events.
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Livestorm has been the preferred solution for rapidly growing industries including local governments, healthcare, education, amongst others. At present, over 3500 companies rely on Livestrom ranging from start-ups to Fortune 500 companies.
Since the last funding in 2019, Livestorm’s revenue has grown eight times with headcount tripled at over 50 collaborators. During this time, the firm was able to tighten its grip over the United States, which became its fastest-growing market.
Livestorm also plans to triple its team in the forthcoming year by hiring 100 additional professionals across the Engineering, Sales, Customer Care, Operations, and Marketing teams.
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