Loom, Inc. is a technology company that offers video communication software for work. The company's technology includes recording screens and cameras, editing videos, creating transcripts, and sharing video links with others.
In 2022, according to Forbes, the company was valued at $1.5 billion. It received $200 million in funding from investment companies such as Sequoia Capital, Andreessen Horowitz, ICONIQ, Coatue, and Kleiner Perkins. The company operates remotely, with its main office located in San Francisco, California, and an office in New York.
On November 30, 2023, it was announced that Atlassian completed its purchase of Loom, Inc.
History
In 2015, the company was started by Vinay Hiremath, Shahed Khan, and Joe Thomas in San Francisco, California.
In June 2016, the Loom Chrome extension was launched to record a user’s screen and face, then provide a link for the video. In August 2018, the Loom desktop app was introduced, followed by the iOS app in 2020 and the Android app in 2021.
In June 2021, Loom released a software developer kit in a test version that allows companies to add a Loom-powered video record button to their own applications. That same year, the company reached 14 million users and 200,000 businesses in 230 countries worldwide. In 2022, Loom launched Loom HQ as the next version of the company’s platform for corporate teams.
In 2023, the company was bought by Atlassian for $975 million. After the acquisition, co-founder Vinay Hiremath wrote a personal blog post about the acquisition titled "I am rich and have no idea what to do with my life."
Investments
In October 2016, the company completed its seed round by raising $600,000. The main investor in this round was 1517 Fund.
In February 2019, Loom received nearly $11 million in a Series A round, with Kleiner Perkins as the leading investor. In November of the same year, the video messaging platform raised $30 million in a Series B round, with Sequoia Capital as the lead investor.
In May 2020, Loom completed a $28.75 million second Series B round, with Sequoia Capital and Coatue as the lead investors. The investments valued the company at approximately $350 million. In May 2021, the company raised $130 million in a Series C round, led by Andreessen Horowitz. This funding secured the company’s status as a “unicorn” and gave it a valuation of $1.53 billion.
Recognition
In 2021, Loom was among the top three choices in the "Communicate and collaborate" category of Google's Best Chrome Extensions. That same year, the company was named one of the best medium-sized companies for remote workers by Quartz. In 2022, Loom was included on Inc.'s "Best Workplaces 2022" list.