Vidyard Raises US$35 Million Series C Round; Set to Double Headcount
Vidyard has raised another US$35 million in investment to accelerate sales of its video marketing platform and double its workforce to 200 in the coming year.
The Series C financing was led by Battery Ventures with participation from existing investors Bessemer Venture Partners, Salesforce Ventures, OMERS Ventures, iNovia Capital and SoftTech VC.
The Waterloo-born company says it will use the funds to develop new products.
“Video is revolutionizing marketing, and Vidyard is clearly innovating in this space,” said Michael Brown, general partner at Battery Ventures.
RELATED: Vidyard is hiring in Kitchener-Waterloo
“We’re convinced that video will not only grow as a strategic platform for marketing and sales, but also as a critical solution for other business functions across every industry.” Brown will join Vidyard’s board of directors.
In 2015, Vidyard says its revenue tripled and its number of employees doubled.
Michael Litt, cofounder of Vidyard, was a finalist for Entrepreneur of the Year.
The company’s working culture has been touted as high-energy and dynamic.