Video software platform Vimeo valued at nearly $6 billion in a new round of fundraising
In December, Vimeo saw its highest month of year-over-year revenue growth—57 percent—for all of 2020.
Vimeo on 25 January announced in an official release that it raised $300 million in primary equity from funds and accounts advised by T. Rowe Price Associates, Inc. and Oberndorf Enterprises, LLC at a valuation in excess of $5 billion. This follows the November 2020 announcement of the company’s $150 million equity raise and IAC’s plan to spin-off Vimeo into an independent, separately-traded public company.
The new investment occurred in two tranches, consisting of $200 million at a $5.2 billion pre-money valuation and $100 million at a $5.7 billion pre-money valuation. The capital will provide Vimeo with additional cash to accelerate its investments in growth, innovation and talent. Subject to necessary stockholder approvals and the final approval of the IAC board of directors, IAC expects to complete the spin-off of Vimeo to IAC shareholders early in the second quarter of 2021.
“As the world embraces video like never before, Vimeo is in an incredibly strong position to help more businesses take advantage of this powerful medium,” said Anjali Sud, CEO, Vimeo. “We have built an industry-leading solution that the market needs, and we intend to move swiftly to bring our professional-quality tools to millions more users.”
“Vimeo is the quintessential IAC success story,” said Joey Levin, CEO, IAC. “With patience, discipline, and ambition, Vimeo has transformed from a tiny seed to a large global enterprise making its mark on the world, and Anjali Sud is an exceptional leader.”
Can you deposit or exchange Rs 2,000 notes at post offices?
Though customers have been asked to deposit or exchange Rs 2,000 notes at banks, the Department of Post has issued a statement in this connection
Retirement plans: Know about EPF, PPF and VPF before choosing a provident fund scheme
Check this space to know about the difference among the Voluntary Provident Fund (VPF), Employee Provident Fund (EPF) and Public Provident Fund (PPF)
Banks may levy service charges upon depositing Rs 2,000 notes; details inside
Depositing Rs 2,000 notes at banks can attract service taxes upon crossing a certain limit. Read to know more