Mux Raises $105 Million in Series D Funding
Mux, a leading video platform for developers, today announced it has raised $105 million in a Series D funding led by Coatue, along with existing investors Accel, Andreessen Horowitz (a16z), and Cobalt, with new participation from Dragoneer. This latest investment brings Mux's total funding to $175 million and raises its valuation to over $1 billion. With this capital, Mux will accelerate hiring and delivery of features that enable developers to focus on building innovative video experiences without worrying about the complexity and nuances of the underlying infrastructure powering their streams.
Mux enables developers to stream video seamlessly across every connection and device through simple APIs for live and on-demand video. Over the last year, Mux has seen 300% growth of on-demand video streaming, and a staggering 3700% growth of live video streamed by clients. Mux Video is complemented by Mux Data, which monitors several billion video streams every month for some of the world's largest video streaming platforms, helping them to analyze, measure, and optimize their streams for deeper engagement and monetization.
Businesses across a range of industries have experienced a fundamental shift in their operations and avenues for engaging customers. From streaming some of music's biggest live events with customers including Maestro and Sessions Live, to providing K-12 education with e-learning platform Oak National Academy, Mux has played a critical behind-the-scenes role supporting developers as they quickly pivoted to keep people connected, entertained, and learning during the pandemic. As the landscape of video continues to expand and evolve, Mux is seizing the opportunity to further help developers solve new challenges by bringing more data to more customers, and providing deeper insights into users' video experience.
"Video is an increasingly important part of the digital world, and over the last year, more and more software companies have realized the power of video to connect, communicate, and educate. Our mission is to democratize video, and this funding round will help us continue to build the best video streaming platform for developers," said Jon Dahl, CEO and co-founder of Mux.
"We believe the massive growth in online video over the last year is here to stay. From fitness classes to concerts, live streaming offers a level of access and convenience that complements in-person events in a post-pandemic world," said David Schneider, General Partner at Coatue. "We were impressed by Mux's laser focus on the developer community, and saw impressive customer retention and expansion indicative of the strong value their solutions provide. This funding will enable Mux to continue to build on their customer-centric platform and we are proud to partner with Mux as it leads the way to this hybrid future."
In supporting accelerated adoption of video technologies and increased consumption of video over the past year, Mux quadrupled revenue. In tandem with this enormous growth, the company doubled in size, growing to a team of 80. As the world begins to adjust to its new normal, streaming video shows no signs of slowing down, and Mux is the leading platform to help developers continue building on-demand and interactive live video experiences.
[Editor's note: This is a lightly edited press release.]
We haven't seen this much funding or merger and acquisition activity in the streaming market in at least 15 years. Don't expect it to slow down anytime soon.
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