Cameo becomes a unicorn with latest fundraising round
Cameo, the app that lets fans pay for personalized videos from celebrities, is now a unicorn.
Driving the news: The company said Tuesday that its parent Baron App Inc. has raised $100 million in a round led by e.ventures, giving it a valuation of just over $1 billion.
Why it matters: The pandemic has been a breakout moment for the creator economy, and especially for Cameo. Hollywood celebrities that were stuck at home had a venue for connecting with fans craving interpersonal connections.
- The company hired a slew of new C-suite executives from media and tech companies earlier this year, with plans to continue rapidly growing its employee base.
- Last year, Cameo brought in roughly $100 million in video transactions.
Details: The company says the money will be used to improve the Core Cameo experience, create new products for fan engagement, and boost Cameo's B2B business.
- Turner was joined by Google Ventures, Amazon Alexa Fund, UTA Ventures, SoftBank Vision Fund 2, Valor Equity Partners, and investment funds managed by Counterpoint Global (Morgan Stanley).
- Existing investors like Lightspeed Venture Partners, Kleiner Perkins, The Chernin Group, Origin Ventures, and Spark Capital also joined the round, as did new Cameo talent investors, like Tony Hawk.
The big picture: The investment brings Cameo's total funding to more than $165 million. Cameo finalized its Series B investment at around a $300 million valuation in 2019, Axios reported.