These days messaging is a medium, and today a startup that has created an API to help others create text and video interactivity across their services is announcing a big round-up to continue their business. Sandbird, a popular provider of chat, video and other interactive services, has closed a round of $ 100 million, through a few lines of code, with the likes of Reddit, Hinz, Paytm, Delivery Hero and hundreds of others, money that Plan to use it to expand the functionality of its platform to meet our changing interactive times. Sendbird has confirmed that the funding is valued at $ 1.05 billion on the company.
Today, subscribers collectively send more than one million channels of text and video to nearly 150 million users chatting with each other via Sendbird’s API, a figure that has seen a lot of growth in the past year in particular, People were spending so much time in front of the screen as their primary interface for communicating with the world.
Sendbird already provides some services around that core functionality such as moderation and text search. John Kim, SendBird’s CEO and founder, said additional developments such as moderation have seen huge ups and downs, and services that it plans to add to the mix include payment and logistics features, and it provides a platform for customers. The group is looking at adding to audio conversations. To make your own clubhouse clone.
“We’re making inquiries,” Kim said. “We will set it up personally. The voice chat is definitely picked up because of the clubhouse. “
The funding – oversubscribed, the company says – is led by Steadfast Financial, also in SoftBank’s Vision Fund 2, along with leading backowners ICONIQ Capital, Tiger Global Management and Meritech Capital. This comes nearly two years after Sendbird closed its Series B for $ 102 million, and the startup’s valuation has nearly doubled since then: PitchBook estimates it was about $ 550 million in 2019.
This growth, in a sense, is not a surprise, given the climate not just for virtual interaction right now, but the fact that Sendbird has tripled the number of customers using its devices since 2019 is. The company, co-headquartered in Seoul, Korea and San Mateo, has now raised approximately $ 221 million.
The market that Sendbird has been divesting since its founding in 2013 is a major crisis.
Messaging apps have become a huge digital force, with a handful of companies overtaking (and taking) the primary features found on the most basic phones and easy to find traction with people and more interesting features to use. Is full of With basic functionality. In turn, other companies have a way to build in their own communication facilities, both to provide more community for their users and to keep people on their own platforms in the process.
“It’s moving between messaging and payment apps,” said Sand Surby’s marketing head, Sid Suri, outlining the competitive landscape. “There is a high level of urgency among all businesses, to say that we as users do not have to lose any of them. White label services like ours have the power to sustain. “
SendBird is actually one of a wave of companies that have identified the trend and the opportunity to create that act as a kind of commodity that can be embedded anywhere as a developer, It has to be put through the API. It’s not the only one: Others in the same location include publicly listed Twilio, the similarly named contestant MessageBird (which is also highly capitalized and positioned itself as a consolidator in the space), pubb, Synch, Stream, Firebase and many more.
This competition is one of the reasons why Sendbird has raised money. It gives more capital to bring in more users, and to seriously invest in building more functionality with its core features, to meet the needs of its existing users, and new opportunities with those features To discover what they probably did not know. They needed their own messaging channels to maintain users’ attention.
“We’re talking a lot about transactions and payments as well as logistics,” Kim said in an interview. “We’re really building the end of the experience [since that] Really engagement. A couple of new features will be heavier around transactions, and others will be more around engagement. “
Karan Mehnadru, a partner in Studfast, is joining the board with this round, and believes that there is a particularly big opportunity when you consider the many verticals that have yet to be offered their services such as healthcare Adopt solid and useful communication channels within.
In an interview, he said, “The channel that SendBird is taking advantage of is the next brand we expect from all brands.” “Sendbird may look similar to others but if you peel onions, providing a scalable chat experience that is highly customized is a real problem to solve. Larger customers think this is important, but not the core capability and then zoom back in to Sendbird because they can’t do it. Sendbird is a clear leader. Sendbird is now allowing multiple verticals and types of companies. It is one of those rare companies that have been in the right place at the right time. “