Mux has scooped up another $175 million in funding within eight months of its previous $37 million funding round. Coatue led this Series D round that now values the company in excess of $1 billion. The newly-minted unicorn saw participation from Dragoneer along with existing investors like Cobalt, Accel, and Andreessen. John Dahl, the CEO and Co-Founder, stated that Mux did not require any new fund-raising although the leadership was in touch with Coatue and many other investors after last year’s round. They had all shown interest and the company eventually went for more funding to drive swifter growth as per mux series 1b 175mtechcrunch.
He added that video is slowly gobbling up software worldwide and has entered almost every domain, highlighting how video was going to be an integral part of all software-based ventures in the future. Dahl also opined that Mux was in a position to drive this shift, being a video platform tailored for developers, enabling swifter publishing and heavy-duty streaming solutions. The Mux Data analytics and monitoring tool came before Mux Video, the streaming platform. Dahl also stated that the data-first approach works for developing any platform for video streaming. He also explained how there was a requirement for tracking and analytics after intensive data. Mux essentially built the layer of data according to him before developing its streaming platform.
Dahl also stated that video was majorly a niche segment when the company started its operations. He also talked of how Mux does work in collaboration with companies in the digital media space, although confirmed that software was its core and central market. Back in 2015, when the start-up began functioning, video was only required by bigger players like Netflix or even ESPN for that matter according to Dahl. However, video is now a core component of communication and each software company, according to Dahl, should integrate video into its core product propositions.
He also talked about how the rapid growth of the company necessitated large-scale platform investments and scale-ups all throughout 2021. The new funds will essentially enable the continuation of this procedure seamlessly. Some of their customers include ViacomCBS, PBS, VSCO, Equinox Media, Robinhood, and many others. Mux’s journey started in 2015 and it has seen demand jumping up throughout the coronavirus pandemic. There was 300% streaming growth along with 3,700% growth in streaming of live videos. Revenues went up by four times as a result. The new funds will also help Mux grow its team to 200 employees from 80 at present while looking for strategic acquisitions as well.
General Partner at Coatue, David Schneider, stated that Mux’s emphasis on developers was a plus point along with its excellent customer expansion and retention figures in recent times. According to him, these are indicators of the value provided by their offerings to customers. He also added that the funding will help the company keep building its platform which is strongly customer-focused and also added that Coatue was delighted to collaborate with Mux as it drives a shift towards a future that is increasingly hybrid.