Existing investors Accel, Andreessen Horowitz, and Cobalt put money into the company shortly after Coatue led a Series D investment. Dragoneer also participated in the round, which valued Mux at more than $1 billion.
Jon Dahl co-founder, and CEO, said that the company is good on cash right now. But after last year’s Series C, they kept in touch with Coatue and other investors who had expressed interest. They decided that they could use more money to fuel expansion during this inflection point in the video.
Video will continue to become more dominant in the future, to the point where it will displace other technologies we’re used to currently. As Marc Andreessen said back in 2014, “I think video’s eating software, the same way software was eating the world 10 years ago.” In other words, video isn’t just something we watch at our desks and on our sofa–it’s becoming ubiquitous in our lives.
“We’re at the early days of a major transition,” he said. “It’s looking like video will become an intrinsic part of every software project in five or 10 years.”
Dahl believes that this is a great opportunity because it’s “a video platform for developers.” With the API-centric focus and its first product. It has followed up with the streaming video service, called Mux Video, which will provide publishers and viewers with fast publishing and reliable streaming.
When it comes to providing a high-quality video platform, you need to have a strong data and monitoring aspect. So, we built the data layer first, and then we built the streaming platform.
Alexander Dahl, founder, and CEO of Mux, says that the company’s goal is to work with software companies that are focused on video or who see video as a key part of their business plan. Dahl predicts that in the next few years, more companies will join the ranks of Facebook and YouTube by increasing the focus on video in their products.
We’re happy to announce that our platform experienced enormous growth during last year’s pandemic. Our on-demand streaming has increased by 300% and live video has risen by 3700%. This is in direct contrast to other companies’ content, which experienced a sharp drop in viewership during the same period.
“It takes a lot of work,” Dahl said with a laugh. “We have spent the last year trying to ramp up and scale up and invest in the platform.”
The latest round of funding will allow to continue its investment, which has now totaled $175 million. Dahl said that he plans to grow the team from 80 employees to 200 over the coming months and explore acquisitions.
“We were impressed with laser focus on developers, and we saw impressive customer retention coupled with expansion over these past few years,” said Coatue General Partner David Schneider in a statement. “We’re excited to experience what the team does next as it continues its unwavering commitment to customers.”
Conclusion
Mux, a video platform for developers, has reached unicorn status after receiving $105 million in funding. This latest round of funding valued the company at more than $1 billion and was led by Coatue. With this investment, is well-positioned to continue its growth and success in the video platform space.
