Media SaaS Company Amagi Raises $95 million, Joins the Unicorn Club The capital will enable the company to accelerate business expansion, both in terms of international footprint and product portfolio
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Amagi, a cloud-based SaaS platform for broadcast and connected TV, has raised $95 million funding round followed by a 108 per cent YoY growth in revenues. This financing round was led by Accel with participation from existing investors Norwest Venture Partners and Avataar Ventures.This latest investment brings Amagi's valuation to more than $1 billion, making it a unicorn
"This is a crucial juncture for our business as we look to hit a hyper growth trajectory by creating a winning combination of goals, processes, team structures and more," said Baskar Subramanian, CEO and co-founder, Amagi. "Our investors have a known history of crafting the success stories of companies with the promise of potential. We look forward to leveraging their astute understanding of the B2B SaaS landscape to successfully navigate the market intricacies and position ourselves for sustained success in the coming years," he added.
This funding will enable the company to accelerate business expansion, both in terms of Amagi's international footprint, as well as its product portfolio in the current media and entertainment (M&E) market. The company will increase sales and marketing by fivefold across the globe. Amagi will also explore allied and adjunct opportunities in the cloud and video market to deliver greater impact across the value chain, evaluating the mergers and acquisitions (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines.
"As the most preferred media SaaS company in the world, Amagi is leading the booming M&E industry to greater heights of technological innovation and strategic growth," said Shekhar Kirani, partner, Accel. "Amagi's impressive momentum is a direct result of its cutting-edge products, superior customer experience and talented leadership. We are thrilled to help fuel the company's long-term success," he added.
The company offers creation, distribution, and monetization of live, linear, and on-demand channels across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST) platforms, worldwide. "The streaming market is ripe for technologies and innovations that improve how content owners, video platforms and advertisers engage with customers—and capture customer loyalty," said Dave Zilberman, General Partner, Norwest Venture Partners.
"The media industry has been swept up in a content storm with consumers demanding high-quality, personalized content at faster-than-ever turnaround speeds. Amagi has enabled major media players to stay relevant in these times of change, while helping them to extract nearly 40% operational savings through cloud solutions. Avataar's operating VC model will actively support the very talented Amagi team to navigate this hyper-growth journey as a global leader," added Nishant Rao, founding partner, Avataar Ventures.