Video streaming service Vimeo may be spinning off as an independent company within parent group IAC. The news was revealed as IAC also announced that Vimeo had raised $150m in a new funding round, from Thrive Capital and GIC.
A letter to shareholders from IAC boss Joey Levin outlined Vimeo’s journey from being a (smaller) YouTube rival, to more of a B2B platform for brands and companies using video.
“Prior to the pandemic, we were steadily proving Vimeo’s fit in the market. Organic bookings growth consistently accelerated last year from 11% in Q1’19 to 27% in Q4’19 as we began to expand from our filmmaker roots to a broader audience of small businesses and large enterprises,” he wrote.
“Then the pandemic hit, and that acceleration exploded to 41% in Q1, 79% in Q2, and 56% in the most recent quarter.” More than 3,500 business clients are currently using Vimeo.