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Photo by Jaap Arriens/NurPhoto via Getty Images

Vimeo, the 16-year-old video service that started as a platform for indie filmmakers, has raised $300 million in equity from T Rowe Price and Oberndorf Enterprises at a valuation of over $5 billion, the company said Monday.

Why it matters: Vimeo has witnessed incredible success since starting to lean more heavily into software sales a few years ago. The company has nearly doubled its enterprise value in less than three months.

  • Vimeo's parent IAC announced plans last year to spin off Vimeo early in the second quarter of 2021.

Catch up quick: Vimeo launched as a platform for independent filmmakers to company began pivoting from being a video service to an enterprise software platform three years ago and today, it's one of the fastest-growing enterprise video companies in the country.

Details: The new investment occurred in two instances, Vimeo said. An initial $200 million raise gave the company a $5.2 billion pre-money valuation and second $100 million at a $5.7 billion pre-money valuation.

  • "Vimeo is the quintessential IAC success story,” said IAC CEO Joey Levin said in a statement. "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 (Vimeo's CEO) is an exceptional leader."
  • The effort comes months after Vimeo raised $150 million from outside investors to boost the software licensing business that it launched in 2018. The round in November valued Vimeo at $2.75 billion — 10 times the company's revenue.
  • Vimeo was profitable in the third quarter and grew revenue 44% to $75 million for Q3, according to IAC's latest earnings release.

Vimeo began doubling down on its enterprise software licensing business, which has contributed to much of the company's growth, in 2019.

  • The company now has over 3,500 enterprise customers, including Amazon, Starbucks. Deloitte, Zendesk, Rite Aid and Siemens.
  • The company has over 200 million users across more than 190 countries. Roughly 1.5 million of those users are paying subscribers, Vimeo says.

The big picture: Software firms that help other companies communicate are booming thanks to pandemic-driven remote-work.

Go deeper:

Go deeper

Jan 25, 2021 - Economy & Business

Audio messaging platform Yac raises $7.5M Series A

Yac

Yac, an online voice messaging platform, has raised $7.5 million in venture funding led by GGV Capital and the Slack Fund, which funded the app last year.

Why it matters: Yac helps companies integrate audio messaging into their workflow. It launched at the beginning of the pandemic and has benefitted enormously from companies needed improved communication during remote work.

California surpasses 50,000 COVID-19 deaths

A man prepares a funeral arrangement in in Los Angeles, California, Feb. 12. Photo: Mario Tama/Getty Images

California's death toll from COVID-19 surpassed 50,000 on Wednesday, per Johns Hopkins data.

The big picture: It's the first state to record more than 50,000 deaths from the coronavirus.

1 hour ago - Technology

Facebook bans Myanmar military

A protester holds a placard with a three-finger salute in front of a military tank parked aside the street in front of the Central Bank building during a demonstration in Yangon, Myanmar. Photo by Aung Kyaw Htet/SOPA Images/LightRocket via Getty Images

Facebook said on Wednesday it would ban the rest of the Myanmar military from its platform.

The big picture: It comes some three weeks after the military overthrew the civilian government in a coup and detained leader Aung San Suu Kyi, causing massive protests to erupt throughout the country. Military leaders have been using internet blackouts to try to maintain power in light of the coup.