Within eight months of its previous $37 million funding round, Mux had acquired an additional $175 million in capital. This Series D round, which was led by Coatue, valued the company at more than $1 billion.
Dragoneer joined other current investors like Cobalt, Accel, and Andreessen in investing in the recently created unicorn. Although the leadership remained in contact with Coatue and many other investors after the previous year’s round, Mux’s CEO and co-founder, John Dahl, claimed that the company did not need to raise any additional money.
According to Mux series 1b 175m, they had all expressed interest, and the company eventually sought for additional money to promote faster expansion.
He continued by pointing out how video was going to be a crucial component of all software-based endeavors in the future and how video was steadily consuming software across the globe and had invaded nearly every domain. Dahl also believed that Mux, a video platform designed for developers that enables quicker publishing and powerful streaming solutions, was in a position to lead this transformation.
Dahl added that any platform for streaming video may be developed using a data-first strategy. He also described the need for tracking and analytics in the wake of extensive data. He said that Mux created its streaming platform before creating the layer of data.
Dahl added that when the company first began operating, video was mostly a niche market. Additionally, he discussed how Mux collaborates with businesses in the digital media sector while reiterating that software is its core and central market.
According to Dahl, when the start-up first started operating in 2015, the only companies that needed video were the major giants like Netflix or even ESPN. Dahl contends that since video has become an essential part of communication, any software business should incorporate it into the heart of its product offerings.
He also discussed how the company’s rapid expansion required scale-ups and significant platform investments throughout 2021. The extra money will essentially make it possible for this process to continue without any interruptions. Mux’s adventure began in 2015, and amid the coronavirus outbreak, demand skyrocketed.
Along with a 300% increase in streaming, live video streaming increased by 3,700%. As a result, revenues increased by four times. In addition to helping Mux expand its workforce from its current 80 to 200 personnel, the fresh funding will also enable it to search for strategic acquisitions.
David Schneider, general partner at Coatue, noted that Mux’s focus on developers, together with its exceptional client expansion and retention rates in recent years, was a bonus. These, in his opinion, are signs of the value their products and services bring to clients.
Additionally, he said that the money will enable the business to continue developing its highly customer-focused platform and that Coatue was excited to work with Mux as it propels the transition to an increasingly hybrid future.
About Mux
Mux is a software company with headquarters in San Francisco that focuses on creating application programming interfaces (APIs) for developers to use when making videos.
The business provides a range of goods, including Mux Data and Mux Video. The data tool is a software as a service item that may be used for analytics. On-demand and live videos are supported by Mux Video, which is reachable via API.
Direct uploads, audio normalization, watermarking, storyboards, subtitles, and closed captions are just a few of the services that it offers.
About Coatue
An worldwide investment company called Coatue has locations in Hong Kong, San Francisco, and New York. The company manages about $50 billion in assets on behalf of private investors, public markets, and nonprofit organizations. Their investment strategy is making a limited number of investments that are supported by in-depth proprietary research.
They aim to have a multi-year holding term, a strategy that, since 1999, has produced exceptional returns for their investors under a variety of market circumstances.
Faq’s
John Dahl
2015
Series D
$175M
$1 BILLION
