Loom, Inc. is a technology company that creates software for video communication in the workplace. The company's technology allows users to record screens and cameras, edit videos, create transcripts, and share video links with others.
In 2022, according to Forbes, the company was worth $1.5 billion. It received $200 million in funding from venture capital firms 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 additional office in New York.
On November 30, 2023, it was announced that Atlassian completed the 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 introduced. It allowed users to record their screen and face, then provided a link to share the video. In August 2018, the Loom desktop app was launched. Later, in 2020, an iOS app was released, and in 2021, an Android app was launched.
In June 2021, Loom released a beta version of a software tool for developers. This tool let companies add a Loom-powered video recording button to their own apps. That same year, the company reached 14 million users and 200,000 businesses in 230 countries worldwide. In 2022, Loom launched Loom HQ, the next version of the company’s platform for corporate teams.
In 2023, the company was bought by Atlassian for $975 million. After the purchase, 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 received $600,000 in funding. The main investor was 1517 Fund.
In February 2019, Loom received nearly $11 million in a Series A round led by Kleiner Perkins. In November of the same year, the video messaging platform received $30 million in a Series B round led by Sequoia Capital.
In May 2020, Loom received $28.75 million in a second Series B round led by Sequoia Capital and Coatue. The investments made the company worth about $350 million. In May 2021, the company received $130 million in a Series C round led by Andreessen Horowitz, making the company a "unicorn" with a valuation of $1.53 billion.
Recognition
In 2021, Loom was among the top three choices in Google's "Communicate and collaborate" category for Best Chrome Extensions. That same year, the company was recognized as one of the best medium-sized companies for remote workers by Quartz. In 2022, Loom was listed on Inc.'s "Best Workplaces 2022" list.