Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,369.44
    +201.37 (+0.50%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,154.79
    -521.03 (-0.74%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,536.07
    +5.47 (+0.36%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Vimeo raises $300 million equity, valuation hits $6 billion

(Reuters) - IAC/InterActiveCorp said on Monday its online video platform, Vimeo, has raised $300 million in equity funding, just a month after the parent company approved a plan to spin off the unit.

Asset management firm T. Rowe Price Group Inc and Oberndorf Enterprises LLC, a financial services firm, provided the funding in two tranches and the second tranche of $100 million took Vimeo's post-money valuation to $6 billion, IAC said.

The new investment comes after Vimeo raised $150 million from Thrive Capital and Singapore's sovereign wealth fund, GIC, at a $2.75 billion valuation in November.

Demand for Vimeo's platform, which provides video creation, hosting and marketing tools to professionals and businesses, has spiked during the pandemic as more people shifted to working and learning remotely.

ADVERTISEMENT

Vimeo, which recorded a 57% year-over-year jump in revenue in December, has over 200 million users globally with 1.5 million paying subscribers.

(Reporting by Ayanti Bera in Bengaluru; Editing by Vinay Dwivedi)