(Reuters) – IAC/InterActiveCorp said on Monday its online video platform, Vimeo, has raised $300 million in equity funding, just a month after the parent company approved a plan to spin off the unit.
Asset management firm T. Rowe Price Group Inc and Oberndorf Enterprises LLC, a financial services firm, provided the funding in two tranches and the second tranche of $100 million took Vimeo’s post-money valuation to $6 billion, IAC said.
The new investment comes after Vimeo raised $150 million from Thrive Capital and Singapore’s sovereign wealth fund, GIC, at a $2.75 billion valuation in November.
Demand for Vimeo’s platform, which provides video creation, hosting and marketing tools to professionals and businesses, has spiked during the pandemic as more people shifted to working and learning remotely.
Vimeo, which recorded a 57% year-over-year jump in revenue in December, has over 200 million users globally with 1.5 million paying subscribers.