Loom Growth Story
To determine Loom growth story and the founders of the company.
- Loom was founded in mid-2016 by co-founders Joe Thomas and Vinay Hiremath.
- Shahed Khan, who is also a co-founder at Loom had worked at Weebly, a website builder, as a product designer, before joining Upfront Ventures. During this time, in 2016, Loom was trying to survive, and Khan, together with Thomas and Hiremath, "started Opentest to let app makers get usability feedback from experts via video."
- After going through the NFX accelerator, the founders were running out of money to keep the company running after just six months. Running out of bootstrapped money sparked an idea. The team realized that video messaging would be more productive as teams sought to keep in touch with members, whether working remotely or from home.
- In mid-2016, Loom founders raised a pre-seed and seed round of $4 million.
- So far, the company has raised $73 million in funding and is currently being used by more than 90,000 companies and 4 million users.
- The latest funding was from a Series B on November 26, 2019. The round "was led by prestigious SAAS investor Sequoia and joined by Kleiner Perkins, Figma CEO Dylan Field, Front CEO Mathilde Collin, and Instagram co-founders Kevin Systrom and Mike Krieger."
- Among the top teams that use Loom include Salesforce, Hubspot, Square, Figma, and Airtable.
- By November 2019, the platform was sharing "15 million minutes of Loom videos per month."
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