Video platform Vimeo Inc. has completed a $300 million fundraising round that values the company at $5 billion, an 82% boost from a raise three months ago.
The round was led by funds and accounts advised by T. Rowe Price Associates Inc. and financial-services firm Oberndorf Enterprises LLC. The new capital will be used to fuel its growth, innovation and talent, Vimeo parent IAC/InterActiveCorp said Monday.
In November, Vimeo raised $150 million from technology-investment firm Thrive Capital and Singapore’s sovereign-wealth fund GIC Private Ltd. That investment valued the business at $2.75 billion.
Last month, IAC, an internet holding company, said it planned to spin off the online-video platform, in a deal expected to close in the second quarter. IAC shareholders will receive a proportionate amount of Vimeo stock, the company said.
Vimeo has seen a surge of revenue as businesses rely more on the internet to reach customers during the coronavirus pandemic. December marked its highest month of revenue growth, increasing 57% year over year, IAC said.
